You lucky people who have a tracker - We've a Variable with PTSB, so the rate is 5.50% or something now and no option to fix it
Started on a variable rate in March 2005. We switched about two years ago to a fixed rate when DH get worried about the rising rates. I've given up beating myself up about it. There doesn't seem to be a perfect time to ever do these things. Our main priority is that we always pay it each month and wanted to ensure it stayed at a level we could manage. DH especially worries about leaving things to chance.
There are shorter term fixed rates that are more compteitive out there but it would cost us thousands to get out of the fixed term we're in and there is no guarantee we'd be accepted by another lender as a switch. C'est la via. AFAIK we aren't in negative equity and we like our house and where we live so really it's looking pretty good for us.
thank god we are on a tracker. Dont know what we were on when we first got the mortgage as went through a broker and i didnt care just wanted my house. Then we fixed for two years and when that was up it automatically went on to a tracker, no idea why but happy about it. Then a couple of months ago we got a letter saying they had being over charging us on our tracker and got a refund of 2.5k!!!
Ours is a tracker + (I think) 2.75%. Started out on a fixed rate and automatically went onto a tracker after two years.
Tracker for us to which is great because we are able to overpay it at the minute (I know this isn't the best idea we could put it towards savings) but it means we are reducing our loan down by about 800 a month.
We probably break-even on our apartment at the minute so paying this little extra off per month means we will have some equity if we do decide to sell in the future.
Tracker-the single best financial decision I've ever made. The only downside is that we're going to have to think carefully about selling my house which we plan on living in for a couple of years after the wedding. HImself would like to buy a larger house but its something we'll have to think about as we just don't want to lose the benefits of the tracker.
Fixed for 3 years when we bought it in December 2007 and in December 2010 they informed us we were being moved to a tracker, so it must have been in the original terms of the mortgage. I'd love to say it was a clever financial decision on our part but we had no idea that it would automatically go to a tracker.We're with PTSB
we got our mortgage with Halifax and after a few monthsof worry i think it was the best decision we made
we are currently on a 2 year fixed at 2.9 % and when we come off it in July they are currently offering STR of 2.5% and if we want to fix it wont be much higher
Was not impressed.
But while we're on the conversation of mortgages is it true that you can't switch mortgages between banks if you are in negativie equity? We're thinking on changing banks.....
We're on a variable rate.....but when we got our mortgage we asked for one year low rate (interest only) then to be switched to tracker. The bank said that would be no problem....when the interest only was up they wouldn't switch us to tracker