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ICS withdraw all tracker rates

  • 10-09-2008 7:46am
    #1
    Registered Users, Registered Users 2 Posts: 902 ✭✭✭


    So at the final stages of buying a house, notice the mortgage contract sent out had my rate changed from 2 year fixed, rolling to Variable instead of the tracker rate I chose... Called them up and they've removed the tracker rate for all new business! Thanks for informing me like!

    Where's the logic in this?


Comments

  • Registered Users, Registered Users 2 Posts: 17,321 ✭✭✭✭astrofool


    Trackers are more expensive for them to provide due to the high euribor rate. With a variable they can guarantee themselves to make money, but not with a tracker locked at ECB +1.1 for example.

    They'll start to come back once there's some competition in the mortgage market.


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