Too late to fix?

[mainie]

OK, I know there are loads of posts about this but I'd like some advice on my own personal situation. I am buying a new house and getting 100% mortgage. Will be closing in about a week. Its probably too late to change the terms of my mortgage now right? We were offered a tracker rate from BOI of ECB + 1.1. Seemed pretty good at the time but the interest rates keep going up and seem like they're going to keep going up. Is it too late for me to fix at this stage as they would need to write up a new loan agreement? Still don't know if I should fix anyway.

That tracker rate will be 3.85% at the moment but with another rise due will go up to 4.1% and then probably to 4.35% and maybe again to 4.85% before the end of the year (from what I've heard although I know we can't predict them). I think the fixed rate BOI would offer is 2 years at 4.39% rolling to ECB + 1.25. Would I be tied to that tracker rate after the two years?

 

[abbie]

It's not too late to fix your rate or change the term of your mortgage if you haven't signed the contract yet (coming from personnel experience) - your solicitor will advise you.

 

[Hel_n]

If you want to change to a fixed rate you'll have to contact your lender and advise them of this in writing. This should only take around 3 working days but realistically you should allow up to a week. I think you may have left it a little late but maybe if you explain your situation to the lender they may be able to hurry things up a bit.

As for the 2 year fixed rate rolling to EBC + 1.25% - yes this is the rate you will then be on.

Personally I would stick with the rate you have been offered but if you really want to change then you need to contact your lender ASAP