Hi Brendan,
Great thread, thanks. This helps in a general way regarding the pros and cons of waiting. Regarding our situation from your advice we should probably wait to see if Ulster Bank improve their offer.
>The longer you keep the tracker, the lower the interest on your mortgage. Because the interest is so low, you are paying huge chunks off the principal and thus reducing the negative equity.
Is this because you pay more interest than capital earlier in the life of a mortgage and towards the end it is mostly capital? If this is true then at some point interest rates become less important. I would like to understand more about the distribution of interest vs capital payments throughout the life of the mortgage to figure out where the tipping point is regarding importance of interest rates. Is there an relatively straightforward way to calculate this or better still visualise the distribution of payments over the lifetime (a lot to ask!).
Thanks