Has anyone sold their tracker mortgage back to bank?

Doom

Anyone done it or been approached by your bank

Doom

Anyone know would a bank be interested in doing the following......, if I'm in neg equity by 50k, and want to sell, could the bank buy my tracker for say 60k, house is sold for 230k, I owe 280k, so I give them back 50k, they're not stuck with a cheap mortgage that they don't want, I walk away with 10k........I know dream on....but:cool:

Toots

TBH, I highly doubt it. I don't know of anyone who has been approached by a bank offering to buy their tracker mortgage. I'm working in a branch of a bank at the moment and I haven't heard of it being done where I work anyway, I can't speak for other banks.

I suppose it couldn't hurt to ring your bank and see.

unclebill98

Seems to be an urban legend.

No one has evidence of an offer.

ScouseMouse

Doesnt hurt to ask !!!

Doom

Mmmm banks must be reading my mind, big article in the Indo today, seems PTSB may got down this route

http://www.independent.ie/business/personal-finance/property-mortgages/tracker-holders-may-get-cash-incentive-to-pay-early-2590609.html

The Rooster

Doom wrote: »

Anyone know would a bank be interested in doing the following......, if I'm in neg equity by 50k, and want to sell, could the bank buy my tracker for say 60k, house is sold for 230k, I owe 280k, so I give them back 50k, they're not stuck with a cheap mortgage that they don't want, I walk away with 10k........I know dream on....but:cool:

It seems that most banks will be coming up with some kind of offer alright - it'll be interesting to see what the exact details are.

However from the Indo article, it seems you're a bit too optimisitc. They'll take €272k as full repayment of your €280k mortgage (i.e. every €100 extra payment reduces mortgage by €103).

So effectively paying you €8k for the tracker rather than €60k unfortunately.

3DataModem

You can be sure the banks will cartel on this. They'll set the price low initially as plenty will take it up.

bamboozle

just wondering with all the attention tracker mortgages & their cost to banks has anyone been approached by their bank and offered financial incentive to come off the tracker?

or has anyone approached their bank looking to cut a deal?

DM0970

I had the same query. The answer seems to be that this is not actually happening? It's rumoured and talked about, but no actual substance

NIMAN

This question has been doing the rounds on another financial forum for ages, and there is still not, despite it even being reported in the papers as well, one concrete 'yes it happened to me' out there.

Urban myth methinks