Trading up. move ptsb tracker or switch to BoI fixed?
Urgent Advice required
We are trading up ( house too small)
We have tracker with PTSB in existing house @ 1.68 % @ € 215k
They offering us uplift @1% to keep tracker and new portion of loan will be at standard variable rate IE
New house €535k
We putting €180k towards it
So total finance required €365k
PTSB offering portable tracker
* €215k @ 2.68 @ 20 years ( years remaining on existing mortgage
* €150k @ 3.2 for 31 years
Works out @ €1800 per month for the 2 loans
We have alternative offer with BOI
3 year fixed at 3%
€ 365 k @ 3% for 25 years - € 1723pm
But we get cash back 2 % €7,300
And year 5 another €3650
Or at 30 years with 3 year fixed @ 3%
€365k - €1530 repayments
What are people's views in best option .
Myself and partner are 40 years with 3 children . We will have childcare of €1000 per month for the next 5 years so I'm thinking I might go BOI for 30 years and take cash Back to make the move more affordable in the short term while our outgoing Are high - but am I mad leaving a tracker product .
Pros and cons required