Think long and hard before surrendering your tracker mortgage rate

“It depends on your circumstances and your own ability to repay and service debt, but it is becoming obviously more attractive to look at fixing,” she says.

If it isn’t, and you do have an option of switching – most likely to a fixed rate, as this is where the better value lies – it might be time to do the sums. This is because general advice doesn’t apply when it comes to making a decision on giving up a tracker.For Hennessy, this is a key consideration. If just five years or so is left on the term of your mortgage, you might just want to give up the tracker and lock into a five-year fixed for the certainty it gives you.

Dowling agrees, noting that you might want “to ride out the increases” at the moment, so you’ll see the benefit of your tracker over the remaining term if and when rates start to ease off again. With further increases as early as this week almost inevitable, such mortgage holders are likely to be looking at rates of about 4.1-4.5 per cent in the short term. So, if you’re at the upper end of this margin, it may swing your decision.

Source: News Formal (newsformal.com)

Finally, a ballanced advice re:tracker mortgages. Outstanding term is a key parameter: those abandoning trackers with 10+ yrs left will be exposured to interest rate increases after we weather through the current ECB increase wave

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