Ask the expert: Is it time to switch from a tracker mortgage to a fixed-rate?

Sinead Ryan answers your property finance questions

Mortgage interest rates are on the rise

Sinead Ryan

Question: Our mortgage is a tracker with six years, four months left on it. Our tracker rate is ECB +.75pc. Rates are going up and we can get a fixed rate of 3pc for five years but we will not be able to go back on tracker rate after that. Do you think we should stay on tracker or take the fixed at 3pc? Answer: Your email arrived just before the European Central Bank dropped its latest rate increase of 0.75pc, so I expect your tracker will be increasing next month (around €37 per month for every €100,000 outstanding), thus propelling you to make a call on this.

I’m loathe to ever tell someone to come off a tracker because, as you rightly point out, you can’t get it back. Let’s look at the individual factors which may help toward a decision.