Tracker Mortgage?

[hopefully]

Hi All,

I was on for advice last week regarding our debt situation and got some sound advice.

Currently we are with TSB on a fixed rated for 5.1%, so I rang them to find out information about tracker mortgages (not thinking I could come out of fixed), they told me that we wouldnt be able to come out from fixed and change banks without a penalty but they would let us change within the bank to a tracker rate of 4.9% on our mortgage this will save us about €60 a month, My question is, is it worth doing or should I just stick with the fixed rate im on???

Thanking you in advance!!

 

[ClubMan]

Get it in writing that no fixed rate term breakage penalties will apply if you do switch. Whether or not it's a good idea to switch really depends and there are lots of existing threads on the whole fixed versus variable/tracker question already that might be worth reviewing. If you are not under pressure with your mortgage repayments and would not be if rates rose by a few percent then I reckon that switching to tracker would be a good idea.

 

[over2u]

All the indicators point to a levelling off of interest rates, with most lenders now REDUCING their 3 and 5 year fixed rates. This is indicating a positive medium term outlook. As per clubman's advice, you need to calculate your comfort zone and make your decision accordingly.