Tracker (Fixed or not)

J

JodiePJ

Registered User
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Hi All

Trying to arrange tracker mortgage with ICS. Told them we wanted the ICS Tracker95 as we qualify (LTV < 60% & mort > 250k). the lady in Mortgage Store is saying that their tracker of ECB + .95% rate will rise to ECB + 1.25& after 2 years. The web site says that the ICS Tracker95 is ECB + .95% is for duration of mortgage. They have a discount tracker rate also which does rise after 2 years but this is not the one we want. Does anyone know if the ICS Tracker95 rate is actually fixed for duration. The repayment difference would be €45 a month for 25 years (over 13K).
 
Your dead right, as shown [broken link removed].

Have you checked out the NIB, which offer this:

ECB Tracker <60% Loan to Value (minimum loan €100K) 3.29% 3.30%(APR)

this would be ECB + 0.79% for the duration of the loan.

details [broken link removed].

gotta be better :D
 
Check the terms and conditions of the mortgage-is the margin actually fixed for the duration?
 
CCOVICH said:
Check the terms and conditions of the mortgage-is the margin actually fixed for the duration?
Click to expand...

Hi,

Here is a link to a [broken link removed] table, showing the options available for Trackers <60% LTV.

I think it shows that NIB is definitely the best value tracker for this market segment. (LTV <60%).

This was for an amount of €260K over 30yrs (NIB don't do 35yr).

If the OP is determined to go with ICS, why not organise this through Prima, where you can also get an acctractive legal fees package.
 
Last edited by a moderator:
Any reason why I was quoted in the last post?

I wasn't making any recommendation on who to go with, I was querying whether the margin is fixed for the life of the mortgage.
 
CCOVICH said:
Any reason why I was quoted in the last post?

I wasn't making any recommendation on who to go with, I was querying whether the margin is fixed for the life of the mortgage.
Click to expand...


Sorry CCOVICH, it was just to illustrate that the table referenced in my post is a list of "standard trackers" available from the quoted institutions, as opposed to "discounted" trackers which are also available.

IMO, with standard tracker mortgages, the margin is usually fixed for the duration of the mortgage. I am open to correction on this.

BTW, i don't work for either Prima Finance or NIB.
 
Hi IrishPancake,

I don't work for Prima either btw!

I'm dealing with them at the moment & they can get a Ulster Bank mortgage for LTV<60% for ECB + 0.85% (as I have a U-First account)

I know it's dearer than NIB (in the long term) but Prima also have a legal deal going where your purchase legal fees are €600 (includes VAT, excludes Outlay) so it'll save me money in the short term.
 
Bear in mind that NIB will also give you €600 towards legal fees if you switch to them. Depending on who you use for the conveyancing, the balance payable by you mightn't be much more than another €600 — in fact, I paid slightly less, albeit 18 months ago.

One further small advantage of NIB's tracker is that they'll allow you to make fortnightly payments, shaving a little more off the interest costs. Maybe the other lenders do this too, though?
 
irishpancake said:
IMO, with standard tracker mortgages, the margin is usually fixed for the duration of the mortgage. I am open to correction on this.
Click to expand...

Fair enough-I must look into this myself-I guess banks could still vary the margin on new business (or just stop offering trackers) even if they were precluded from doing so on existing business. I just can't see banks picking a margin now and staying with that in perpetuity.
 
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