Did anyone ever give bank their tracker mortgage back?

Gareth2011

Exactly as the title says. Did anyone ever give the Banks back their tracker mortgages if they were offering lump sums in the region of 15k?

Fago!

I genuinely don't know what a tracker mortgage is

beeroclock

I havent heard of the banks buying back tracker mortgages where did you hear about this?

Teyla Emmagan

Nope. I think you'd only do it if you were stuck for cash. Long term hanging on to your tracker is worth more than 15k (depending on where you are with your mortgage etc).

Gareth2011

Well there not now I came across it in a post from last year :eek:. The guy was being offered 5,000 to lose his tracker and he was asking what people thought about it. Hence why Ive brought the thread back up. Wondering if anyone did and how it faired out for them. or didnt in my case.

Gareth2011

Teyla Emmagan wrote: »

Nope. I think you'd only do it if you were stuck for cash. Long term hanging on to your tracker is worth more than 15k (depending on where you are with your mortgage etc).

I agree, the guy who was in first thread last year was considering it for as little as 5k. One guy told him to do it he could get his wife a nice dress and go on a holiday :eek:. Im guessing that guy didnt have a glue what he was talking about.

The bank would meed to make me a very good offer, a very very good offer!.

Even more so if the Euro breaks and the tracker stays on the (what's left of) the ECB rate.

Chances are though, bye bye (Irish) Euro, byb bye tracker.

Gareth2011

Fago! wrote: »

I genuinely don't know what a tracker mortgage is

Well my man put it to you this way. Tracker mortgage holders are the pain in the banks backs. The envy of mortgage holders. Tracker mortgage holders dont get hit by variable rates when banks raise them. Only when the ECB raises the rates or reduces them thats when the mortgage goes up or down. Like my rate at the moment with the rates reducded last week is now 2.25% and with another cut expected after christmas

beeroclock

There is a stickie I think on askaboutmoney about this topic but I think the general consensus is this is more of a rumour than anything else, its worth an ole read on this winters night!
Anyway interest rates are dropping so we'll all be millionaires again soon

Gareth2011

Deleted User wrote: »

The bank would meed to make me a very good offer, a very very good offer!.

Even more so if the Euro breaks and the tracker stays on the (what's left of) the ECB rate.

Chances are though, bye bye (Irish) Euro, byb bye tracker.

I was wondering about that. If Ireland leaves the euro but not the Eurozone does the tracker go too? They wont be governed by the ECB anymore?

CricketDude

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

amdublin

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

Eh considering you signed a NDA should you have posted any of the above

Have you really left out any detail at all??? Doesn't seem as if you have..

Gareth2011

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

Wow you got a great deal there. If I had the money Id def do it. altho in saying that the only way we would get that type of money was if I died and the wife got my insurance policy but sure the mortgage gets paid off anyway with mortgage protection. Wife jokes sometimes saying im worth more dead than alive.

Gareth2011

whats an NDA ? Non disclaimer something?

Canis Lupus

amdublin wrote: »

Eh considering you signed a NDA should you have posted any of the above

Have you really left out any detail at all??? Doesn't seem as if you have..

Hasn't mentioned the bank so it's not really a concern.

amdublin

Gareth2011 wrote: »

whats an NDA ? Non disclaimer something?

Non disclosure agreement?

CricketDude

amdublin wrote: »

Eh considering you signed a NDA should you have posted any of the above

Have you really left out any detail at all??? Doesn't seem as if you have..

No, sure how will they prove i wrote that
Dont want to bring them down too heavily on me though so i'll say no more apart from that its very important to get a good negotiator to speak to them.
We tried approaching them a few times and got the brush off. Before we got a solicitor friend who negotiates for a living to go in for us.

SteoL

amdublin wrote: »

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

Eh considering you signed a NDA should you have posted any of the above

Have you really left out any detail at all??? Doesn't seem as if you have..

An anonymous post on boards is hardly a breach of NDA T&C's

Gareth2011

SteoL wrote: »

An anonymous post on boards is hardly a breach of NDA T&C's

he isnt anonymous tho. He is cricketdude

Teyla Emmagan

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

Wow, good for you.

BrokenArrows

So all you need to do to get a good deal is have a load of money to pay off the mortgage.

Same as always, the people with money are treated differently than those who are struggling to meet the monthly payments.

AlmightyCushion

Gareth2011 wrote: »

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

Wow you got a great deal there. If I had the money Id def do it. altho in saying that the only way we would get that type of money was if I died and the wife got my insurance policy but sure the mortgage gets paid off anyway with mortgage protection. Wife jokes sometimes saying im worth more dead than alive.

Does she say it whilst holding a knife?

beeroclock

Teyla Emmagan wrote: »

Wow, good for you.

Yep great to hear good news like this, congrats thats a great deal ye negotiated

CricketDude

BrokenArrows wrote: »

So all you need to do to get a good deal is have a load of money to pay off the mortgage.

Same as always, the people with money are treated differently than those who are struggling to meet the monthly payments.

Well because we had savings we were in a position to pay off the mortgage.
The bank only agreed because us doing that saved them money.
If there was no advantage to the bank they wouldnt have agreed.

What we were doing before was keeping the money in savings accounts with higher interest rates than the tracker was. Even knocking off dirt, we could have potentially let that just roll on and on and actually had a profit from having a mortgage plus savings. The girlfriend would rather pay down the mortgage though, so thats what we did, but we wanted that offer for letting the bank off the hook first.

Iwannahurl

Deleted User wrote: »

The bank would meed to make me a very good offer, a very very good offer!.

Even more so if the Euro breaks and the tracker stays on the (what's left of) the ECB rate.

Chances are though, bye bye (Irish) Euro, byb bye tracker.

I hadn't thought of that angle.

It may well be a moot point, given that the collapse of the Euro would be WW3 economy-wise, but a tracker is the ECB rate plus a margin. Would the ECB and its interest rate disappear with the Euro?

Of course a lower interest rate would be meaningless in a post-Euro scenario, since our debt will probably be doubled and our income halved, or worse...

Iwannahurl

Gareth2011 wrote: »

I agree, the guy who was in first thread last year was considering it for as little as 5k. One guy told him to do it he could get his wife a nice dress and go on a holiday :eek:. Im guessing that guy didnt have a glue what he was talking about.

Or he was just stuck.

AlmightyCushion wrote: »

Does she say it whilst holding a knife?

No, a rolled-up life insurance contract.

gigino

CricketDude wrote: »

We paid off the remaining 160K of ours for 110k, saving ourselves 50k.
We got a solicitor friend to go in and make the bank an offer (let us off 60k in return full full payment of the mortgage) and they said no first. Then they rang back a few weeks later with a counter offer of 40k and we agreed on 50k.

We had to sign a NDA so I can really go into it in more detail.
Ask your solicitor to do the bargaining for you though, because banks treat customers like the dirt on their shoes.

From the banks point of view, how bad a tracker was it ? 1% above ecb /eurobar rate ? Would the bank have lost 40k if they just kept you on repayments / did not give you anything off ?Sounds very generous of the bank.

You were very lucky as I know someone in a similar position who could get nothing off.

stovelid

Gareth2011 wrote: »

[

he isnt anonymous tho. He is cricketdude

Any bank managers reading this will now be combing CCTV archives for customers in cricket flannels.

alias no.9

stovelid wrote: »

Any bank managers reading this will now be combing CCTV archives for customers in cricket flannels.

Or just a €160k debt settled for €110k after an initial €100k offer and a €120k counter offer from the bank. If these are real numbers and not just illustrative, I do hope the deal is done and dusted.

CricketDude

gigino wrote: »

From the banks point of view, how bad a tracker was it ? 1% above ecb /eurobar rate ? Would the bank have lost 40k if they just kept you on repayments / did not give you anything off ?Sounds very generous of the bank.

You were very lucky as I know someone in a similar position who could get nothing off.

0.5% above ECB.
It was hard to get them to do it. They refused us several times before we got someone else to deal with them for us.

Iwannahurl

CricketDude wrote: »

0.5% above ECB.
It was hard to get them to do it. They refused us several times before we got someone else to deal with them for us.

Eddie Hobbs, David McWilliams or some other consumer/financial guru should hire you and/or your solicitor asap.

MugMugs

If I had one then I'd sell it back to them for the principal.

They're losing their holes on them !

Kasabian

The bank can have my mortgage back and I won't ask them for a cent in return.

CricketDude

Iwannahurl wrote: »

Eddie Hobbs, David McWilliams or some other consumer/financial guru should hire you and/or your solicitor asap.

If these guys were as good as everyone thinks they are they would be sipping champagne on the beach in the Bahamas, with the money earned from their financial brilliance.

I wouldnt hire me though. Just my friend.

Big Nasty

I've been on a fixed since Jan '07 @ 4.85% which is due to expire in Jan '12. I'm with TSB and their variable is now 5.65% which will cost me an additional €150 a month!

At the same time BOI / AIB are charging cq. 3.65% which would save me the guts of €500 a month!

TSB are acting the cnut big time on this! :mad::mad::mad: