Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

What would it take for you to give up your tracker mortgage?

Options
124»

Comments

  • Options
    #92
    ronan45
    Registered Users Posts: 1,584 ✭✭✭ronan45


    Removing a tracker mortgage from homeowners in arrears

    I read with Interest it is planned to CUT anyone in arrears loose from their tracker mortgage! Is that LEGAL??? Surely not. I know you are effectively breaking the contract if you go into arrears but afaik there is nothing in the paperwork to say they have the power toi remove you from the tracker

    The Central Bank has said proposals to allow banks to remove tracker mortgages from borrowers in serious arrears are designed to help people stay in their homes and avoid repossession.


    http://www.rte.ie/news/business/2013/0412/381001-70-of-mabs-clients-are-between-41-and-65/

    http://www.magicmum.com/phpBB/viewtopic.php?f=64&t=497192&sid=ea4c69aad7682613d9852964bc6e8dad&view=print


  • Options
    #93
    roro2
    Registered Users Posts: 412 ✭✭roro2


    ronan45 wrote: »
    Removing a tracker mortgage from homeowners in arrears

    I read with Interest it is planned to CUT anyone in arrears loose from their tracker mortgage! Is that LEGAL??? Surely not. I know you are effectively breaking the contract if you go into arrears but afaik there is nothing in the paperwork to say they have the power toi remove you from the tracker

    The Central Bank has said proposals to allow banks to remove tracker mortgages from borrowers in serious arrears are designed to help people stay in their homes and avoid repossession.


    http://www.rte.ie/news/business/2013/0412/381001-70-of-mabs-clients-are-between-41-and-65/

    http://www.magicmum.com/phpBB/viewtopic.php?f=64&t=497192&sid=ea4c69aad7682613d9852964bc6e8dad&view=print

    It is not planned to cut anyone in arrears from their Tracker. For clarity, this is what the Central Bank has said:


    The Central Bank is considering
    whether there is merit in allowing a lender to move a borrower in arrears off a
    tracker rate, where the lender has offered an alternative arrangement which is
    advantageous to the borrower in the long term, e.g., a debt write off.



  • Options
    #94
    Glenbhoy
    Registered Users Posts: 1,852 ✭✭✭Glenbhoy


    ronan45 wrote: »
    Removing a tracker mortgage from homeowners in arrears

    I read with Interest it is planned to CUT anyone in arrears loose from their tracker mortgage! Is that LEGAL??? Surely not. I know you are effectively breaking the contract if you go into arrears but afaik there is nothing in the paperwork to say they have the power toi remove you from the tracker

    I'd be shocked if it wasn't legal. A contract is an agreement between two parties, if one party fails to fulfil their side of the agreement then the legal right to enforce the original agreement exists. In other words, the bank can take possession of the property if the mortgage holder isn't make the payments stipulated.
    The bank may however renegotiate the original contract at that point and as they have a fairly hefty bargaining position they will most likely demand a change in the terms of your mortgage, which would mean, bye bye tracker!! Of course, the mortgage holder may also get some of the outstanding debt written off too, but that could mean entering a PIP or some similar scheme.


  • Options
    #95
    Buzz84
    Registered Users Posts: 217 ✭✭Buzz84


    Just wondering we are thinking of selling our house.

    We have it rented out at the moment. The rent just about covers the mortgage but by the time we pay household tax, NPPR and maintenance ,we are loosing about 2-3k a year on it.

    I could sell it for 160k but we still owe 179k but it is a tracker mortgage. Would a bank accept a deal?


  • Options
    #96
    Someday
    Registered Users Posts: 379 ✭✭Someday


    Buzz84 wrote: »
    Just wondering we are thinking of selling our house.

    We have it rented out at the moment. The rent just about covers the mortgage but by the time we pay household tax, NPPR and maintenance ,we are loosing about 2-3k a year on it.

    I could sell it for 160k but we still owe 179k but it is a tracker mortgage. Would a bank accept a deal?

    How much a year is your Mortgage decreasing each year by? Look at that, could be 10K+ and with property on the rise, you should ride it out for 5 years IMO, you will then take less of a hit an maybe even make a few quid or ride it out for longer and it could be a good investment for 2-3K a year!


  • Advertisement
  • Options
    #97
    Ray Palmer
    Registered Users Posts: 8,364 ✭✭✭Ray Palmer


    Buzz84 wrote: »
    Just wondering we are thinking of selling our house.

    We have it rented out at the moment. The rent just about covers the mortgage but by the time we pay household tax, NPPR and maintenance ,we are loosing about 2-3k a year on it.

    I could sell it for 160k but we still owe 179k but it is a tracker mortgage. Would a bank accept a deal?


    I hope you are paying tax on that income.


  • Options
    #98
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Buzz84 wrote: »
    Just wondering we are thinking of selling our house.

    We have it rented out at the moment. The rent just about covers the mortgage but by the time we pay household tax, NPPR and maintenance ,we are loosing about 2-3k a year on it.

    I could sell it for 160k but we still owe 179k but it is a tracker mortgage. Would a bank accept a deal?

    If its danske bank is hold off see what's coming. Any other bank call them


  • Options
    #99
    Buzz84
    Registered Users Posts: 217 ✭✭Buzz84


    handlemaster wrote: »
    If its danske bank is hold off see what's coming. Any other bank call them

    How come?

    We are Permanent TSB.


  • Options
    #100
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Buzz84 wrote: »
    How come?

    We are Permanent TSB.


    Danske closing retail


  • Options
    #101
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    Buzz84 wrote: »
    How come?

    We are Permanent TSB.
    See another boards thread with recent info re Danske/NIB. Looks like they will be selling off their loan book to a third party - so potential for deals.


  • Advertisement
  • Options
    #102
    Buzz84
    Registered Users Posts: 217 ✭✭Buzz84


    makeorbrake wrote: »
    See another boards thread with recent info re Danske/NIB. Looks like they will be selling off their loan book to a third party - so potential for deals.

    Forgot about that.


  • Options
    #103
    Banjoxed
    Closed Accounts Posts: 1,844 ✭✭✭Banjoxed


    handlemaster wrote: »
    Danske closing retail

    That is of course except for Northern Ireland. Naturally not mentioned in their advertorial in the Business Post recently.


  • Options
    #104
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    hi guys

    I have a scenario as follows:

    40K left on tracker mortgage with UB

    i have come in too money in the region of 25K

    do you think the bank would consider payment of 25 to clear?

    how would one go about same?

    cheers

    Not in my experience. None are doing deals to get rid of trackers if the borrower can pay. Better off investing the 25k.


Advertisement