If your bank is putting you under pressure to come off your tracker rate please take qualified financial advice before you sign anything and negotiate a large write down on your balance owing to the bank.
Here is a calculation to show how much a tracker is worth in the present value to you:
Mortgage Balance: €250,000
Rates used for comparison: Tracker rate: 1.75% (0.75% plus 1% above ECB) v’s Variable rate @4.25%
Term remaining 25 years
Difference over remaining term: A whopping €96,947 – this means you’d have to be offered a discount of this amount off your mortgage balance in order to move off your tracker rate.
For more information or any additional calcuations please contact Lorraine on 087 2608988 or lorraine@jigsawfinancialsolutions.ie
