Tracker mortgages

Floppybits

Well as we all know Banks are not making money of those on tracker mortgages and some banks are now trying to tempt people to give up their tracker mortgages by offering cash or knocking a bit of the mortgage, So my question to you folks is what will it take for the bank to offer you before you give up your tracker mortgage?

Me I am still thinking about what they would have to offer me?

Cheap Thrills!

Hm, they would have to offer me €100k off.

Floppybits

Cheap Thrills! wrote: »

Hm, they would have to offer me €100k off.

I was thinking along the same lines.

henryporter

Sneaky effers them banks - we went for a top up to extend the stately pile and were told that we'd lose the tracker rate on the original mortgage straight away. Financial Regulators office says that they're allowed to do that:mad:

Captain Darling

henryporter wrote: »

Sneaky effers them banks - we went for a top up to extend the stately pile and were told that we'd lose the tracker rate on the original mortgage straight away. Financial Regulators office says that they're allowed to do that:mad:

They're trying twice as hard to shaft us now. They were already screwing us over, this time they wont even lube up.

Bunch of ****.

average_runner

Of course they are allowed to that as your changing the terms of your loan, why cant the bank change theirs???? Do you think they want to give you more money and not making anything out of it???

Would say your the cheeky one not the bank, but good try. I would of try it too.:D

To give up my tracker need to pay me a third of my mortage and a very good deal on the rest of the mortage.

DominoDub

I Don't Know What a Tracker Mortgage Is...:D

Minstrel27

DominoDub wrote: »

I Don't Know What a Tracker Mortgage Is...:D

Here you go, http://mortgages.blogs.ie/2007/09/26/what-is-a-tracker-mortgage/

Eoin

It would have to be a massive discount - maybe enough to get out of negative equity in a few years time so we can get the hell out of Ireland.

Captain Darling wrote: »

They're trying twice as hard to shaft us now. They were already screwing us over, this time they wont even lube up.

Unless you got the loan as a separate arrangement, then you'd be effectively getting a whole new mortgage; so I don't see why they wouldn't be able to do this. I also don't see how this is screwing you over? You want a new loan, and they want to give a loan that will make them money.

DominoDub

Minstrel27 wrote: »

Here you go, http://mortgages.blogs.ie/2007/09/26/what-is-a-tracker-mortgage/

I was using the quote from the old TV Advert !:o

Mark200

eoin wrote: »

Unless you got the loan as a separate arrangement, then you'd be effectively getting a whole new mortgage; so I don't see why they wouldn't be able to do this. I also don't see how this is screwing you over? You want a new loan, and they want to give a loan that will make them money.

People have become so used to the whole "bankers = ****" mantra going on that they seem to have forgotten that the banks are businesses who exist for the sole reason of making money - just like every other business.

SomeGuyCalledMi

I would need 30% to move.

gurramok

Ye have been warned! http://www.breakingnews.ie/ireland/iba-warns-homeowners-not-to-surrender-tracker-mortgages-456276.html

Eoin

Mark200 wrote: »

People have become so used to the whole "bankers = ****" mantra going on that they seem to have forgotten that the banks are businesses who exist for the sole reason of making money - just like every other business.

I know - I can understand it in a lot of cases, especially if they tried to change the T&C's of an existing loan. But to call them **** because they won't sell you a new loss making product is a bit childish.

Minstrel27

DominoDub wrote: »

I was using the quote from the old TV Advert !:o

I know you were.

average_runner

As for people complaining about negative equity, its not the banks fault your in negative equity.


I mean no one put a gun to your head to buy property. In fairness you only did it for :
a) personal gain
b) a family home for long term, hence negative equity doesnt matter then


Majority of people in Ireland bought houses as it was the fashionable thing to do, even though they didnt need too and could of rented for another 4 years!

ScumLord

average_runner wrote: »

I mean no one put a gun to your head to buy property. In fairness you only did it for :
a) personal gain
b) a family home for long term, hence negative equity doesnt matter then

I don't think most people bought they're homes with long term in mind. Most bought with the dream of selling it a few years down the road for massive profits. I'd say most people are living in homes they had no intention on settling in and that's why most homes in Ireland are bland shells so that they're as middle of the road as you can get so they're easier to sell off.

Zzippy

average_runner wrote: »

As for people complaining about negative equity, its not the banks fault your in negative equity.


I mean no one put a gun to your head to buy property. In fairness you only did it for :
a) personal gain
b) a family home for long term, hence negative equity doesnt matter then


Majority of people in Ireland bought houses as it was the fashionable thing to do, even though they didnt need too and could of rented for another 4 years!

No one put a gun to the bank's head to give out tracker mortgages. Its their own fault if their products are now making losses. If they want to change people onto mortgages that are profitable for them, that involves changing the terms of a contract, which requires both party's consent. If they can't make it worthwhile to the other party to agree changes, then they're stuck with their loss-making loan book, same as a lot of people are stuck with negative equity.

Floppybits

ScumLord wrote: »

I don't think most people bought they're homes with long term in mind. Most bought with the dream of selling it a few years down the road for massive profits. I'd say most people are living in homes they had no intention on settling in and that's why most homes in Ireland are bland shells so that they're as middle of the road as you can get so they're easier to sell off.

What has this got to do with banks buying you out of your tracker mortgage?

Floppybits

Zzippy wrote: »

No one put a gun to the bank's head to give out tracker mortgages. Its their own fault if their products are now making losses. If they want to change people onto mortgages that are profitable for them, that involves changing the terms of a contract, which requires both party's consent. If they can't make it worthwhile to the other party to agree changes, then they're stuck with their loss-making loan book, same as a lot of people are stuck with negative equity.

Exactly and as a lot of folks on here like to say that the market drives the price then if the bank are desperate to get rid of people of their tracker mortgages then they can expect to pay the price.

thetonynator

https://www.youtube.com/watch?v=l74083zafAM

average_runner

I wasnt supporting the banks, just someone metioned negative equity.


If banks want me out of my tracker mortage it will cost them!!!

And if you went to the bank looking for mercy they wouldnt give it to you, so why give it to them!!

thetonynator

If the banks are going to pay you to get out of your tracker mortgage, its obvious that they want you out so therefore you will probably save more money by staying with it.

mickdw

thetonynator wrote: »

If the banks are going to pay you to get out of your tracker mortgage, its obvious that they want you out so therefore you will probably save more money by staying with it.

Yes without doubt, any new deal will be a profit maker for the bank or else they wouldnt bother however, depending on the terms of the deal, it may suit some peoples current circumstances to get the outstanding amount reduced or get a lump sum etc.