John F. Loughrey & Associates Ltd. t/a The Mortgage Centre is regulated by the Central Bank of Ireland.
A relatively new mortgage concept to the Irish Market, a tracker rate is variable linked to the European Base rate for the whole term of the mortgage. The benefit is that lenders can only change their rate when the European Central Bank announces a rate change. Lenders tend to offer more attractive rates to customers borrowing less than 60% of the value of their home.
Tracker Rate – This is a variable interest rate that tracks the European Base Rate* with a margin that is fixed for the full term of the loan. For example, the margin may be 1% above the European Base Rate.
Any fall in the European Base Rate results in lower repayments, but any increase means higher repayments.
Due to adverse market conditions the mortgage market has changed in 2008 and 2009. There are still some mortgage tracker rates available but some mortgage lenders have stopped offering this type of mortgage for the present.
*European Central Bank Main Refinancing Operations Minimum Bid Rate
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Regulatory Information:
Warning: Your home is at risk if you do not keep up payments on a Mortgage or any other Loan secured on it.
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