If your bank is putting you under pressure to come off your tracker rate please take qualified financial advice before you sign anything and negotiate a large write down on your balance owing to the bank.
Here is a calculation to show how much a tracker is worth in the present value to you:
Mortgage Balance: €250,000
Rates used for comparison: Tracker rate: 1.75% (0.75% plus 1% above ECB) v’s Variable rate @4.25%
Term remaining 25 years
Difference over remaining term: A whopping €96,947 – this means you’d have to be offered a discount of this amount off your mortgage balance in order to move off your tracker rate.