This is the second such increase by AIB this year, and follows similar hikes by Bank of Ireland last week, and Permanent TSB and EBS last month. All four lenders have now increased their interest rates twice since the start of the year.
================= Mortgage Broker
Hope this doesn’t sound like a stupid question but what is the difference between a variable rate and tracker rate mortgage. I know the tracker rate tracks the ECB interest rate, but what is the variable rate tracking? Also, why would someone choose the variable over the tracker?
BTW here’s a podcast from WLR. If you listen in at around 18:00, you will here an advisor from MABS explaining that people going to MABS for their services don’t know the difference between a mortgage broker or mortgage lender, don’t know the term of their mortgage, don’t know what portion of the mortgage are interest payments and don’t know the difference between fixed,variable or tracker rate mortgages.
This is the second such increase by AIB this year, and follows similar hikes by Bank of Ireland last week, and Permanent TSB and EBS last month. All four lenders have now increased their interest rates twice since the start of the year.
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Mortgage Broker
Hope this doesn’t sound like a stupid question but what is the difference between a variable rate and tracker rate mortgage. I know the tracker rate tracks the ECB interest rate, but what is the variable rate tracking? Also, why would someone choose the variable over the tracker?
BTW here’s a podcast from WLR. If you listen in at around 18:00, you will here an advisor from MABS explaining that people going to MABS for their services don’t know the difference between a mortgage broker or mortgage lender, don’t know the term of their mortgage, don’t know what portion of the mortgage are interest payments and don’t know the difference between fixed,variable or tracker rate mortgages.
http://www.wlrfm.com/Podcasts/Player/TabId/285/VideoId/963/Deise-AM-Thursday-November-26th-2009-Part-2.aspx