Is now the right time to walk away from my tracker mortgage? Dominic Coyle shares some advice.
But times are changing and that has brought with it uncertainty – for the first time for tracker mortgage customers.
They could go further. In part that will depend on how inflation across the euro zone reacts to the ECB interest rate policy. But then again there are other drivers of EU inflation right now, not least uncertainty about the fallout from the war in Ukraine.For the next four years, the answer is obvious: you are better off switching to the fixed rate. But it’s not as easy as that. You need to take a punt on what you think will happen after that.
The other factor to bear in mind is that Irish banks have not really “right-sized” their fixed-rate products. Since the ECB started moving on rates in July, they’ve been content not to pass on most of the successive increases. And what of ECB rates? The experience of the last decade is clearly anachronistic. Rates have been at historically low levels which means, by definition, we are most unlikely to be returning to zero interest in future.
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