Homeowners told hold onto their tracker mortgages

HOMEOWNERS with tracker mortgages have been advised to hold onto the product and not be convinced by banks to change.

The National Consumer Agency (NCA) issued a warning to consumers to “think carefully” before deciding to switch from a tracker to a fixed-rate mortgage.

This warning came as lenders are preparing to hike interest rates for those on standard variable loans. Permanent TSB is expected to increase rates either today or early next week by as much as 1%, which would add €200 a month to a €200,000 mortgage.