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Bank of Ireland to withdraw all ECB tracker products from new customers

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    #32
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,281 Mod ✭✭✭✭The_Conductor


    jetski wrote: »
    "Bank of Ireland (and its subsidiary ICS) have announced they will withdraw all ECB tracker"

    Why would they do that?

    Because they don't source their finance for mortgages at ECB base rates- and its too expensive on them in the long run. Its far cheaper to allow people straight variable rates.


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    #33
    regi
    Registered Users Posts: 3,279 ✭✭✭regi


    They'll need to change those "I don't know what a tracker mortgage is" adverts for the financial regulator then :-)


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    #34
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,281 Mod ✭✭✭✭The_Conductor


    regi wrote: »
    They'll need to change those "I don't know what a tracker mortgage is" adverts for the financial regulator then :-)

    Lol.....


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    #35
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,281 Mod ✭✭✭✭The_Conductor


    smccarrick wrote: »
    You have a couple of days grace until such time as NIB withdraw their products- all others have now removed them for new customers.

    Too late: see here

    National Irish Bank has announced that it is withdrawing its range of ECB tracker mortgages due to rising costs associated with such products.

    NIB said the service was withdrawn at the close of business yesterday, but insisted that existing tracker mortgage customers will not be affected by the move. The bank will also honour approved applications.

    In a statement released this morning, NIB said that it had been reviewing its tracker mortgage business, including its LTV Tracker Mortgage, for some time.


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