Tracker Mortgage

[Dris]

I have the papers to transfer to a tracker mortgage from my lender.

Im dithering as I dont know if its the best time to change to a tracker or would it be best to go for fixed rate instead for a 2yr term?

Do you think its more of a gamble in this uncertain current financial climate?

Any advice would be appreciated.

[Hawkwalk]

depends what rate you are getting fixed. Interest rates are most likely going to rise soon but by how much is anyones guess.

[Dris]

Its 3.79% fixed over 2yrs (suppose it would be less the longer term youre fixed in for) and 3.17% tracker but I suspect once this is all done and dusted the rates will hike as well.I'm currently standard rate of 4.23% (loyalty discount from 4.79%).

Ive a feeling tracker is not the best bet at the moment.

[Hawkwalk]

I would fix it if it was me as then I would know where I was at least for the next two years. The fixed rate is lower than your current rate so you will make a saving. Just depends on the size of your mortgage and how much you would save if you went for the lower tracker and took a gamble that it remained low. If you can afford to gamble then you can, if not play it safe.

(im not a financial expert though so you may want some more advice)