Danske Bank Mortgage

The Dagda

I have 3 mortgages with Danske Bank.

1 is a business mortgage and 2 are personal.

I was speaking to my Danske Business Rep recently and he told me if I can get any or all my mortgages off their books they would give a discount on them.

I've been told to make a proposal and see what they say.

Does anyone know how much of a discount would be possible?

If I was to get all 3 off their books would I be able to get 50%?

The total of the 3 mortgages would be approx 150k.

Thanks.

D3PO

I wouldnt think you would get 50% off its going to depend on a number of things really.

Have you got a tracker on any or all of them being the key one.

The Dagda

D3PO wrote: »

I wouldnt think you would get 50% off its going to depend on a number of things really.

Have you got a tracker on any or all of them being the key one.

No, all are variable rate.

Have you any idea of what kind of discount they'd consider?

D3PO

Theres not a huge upside for them to heavily discount variable rate mortgaes assuming they are all performing, that said if you dont ask you dont get.

I can see zero reason for them to agree to a 50% discount BUT better to lowball them and let them counter offer than go in with an offer and for it to be accepted straight up.

D3PO

P.S If paying off the business mortgage make sure you calculate in the loss of taxable benefit you have for writing off the mortgage expense on the business accounts.

Personally id be making a deal on one or both of the personal mortgages and leaving the business one alone.

yop

Interesting that, we have an offset mortgage and I have been calculating that with the monies in our account, which should (please God!) continue to rise over the years we will be saving circa 70k euro on interest due to having an offset.

So is it a case for you that if you agree to move, they will give you a lumpsum or they will reduce your mortgage by that amount?

The Dagda

D3PO wrote: »

P.S If paying off the business mortgage make sure you calculate in the loss of taxable benefit you have for writing off the mortgage expense on the business accounts.

Personally id be making a deal on one or both of the personal mortgages and leaving the business one alone.

The business one is on an office block that has a rental roll that covers the current loan with a surplus.

I'll have to get another bank to support me but my plan was;

Buy all 3 loans off Danske with a single business mortgage from another bank.
The Office Block finances the new loan.

Do you think that is a realistic plan?

Anatom

You do know that you don't actually need to move though? You can carry on as you are and, with just €150K left it sounds like a manageable amount, nothing should change.

Given they are all variable rates, which are pretty much comparable to the competition, you won't be getting a much better deal elsewhere either.

On the flip side, when the mortgages are sold on with the rest of the portfolio, you may not have the same terms and conditions as you currently have so getting out at that stage may not be as beneficial.

Finally, if you are really looking to get out, I reckon you could get away with offering about €50K and see what happens. Its such a small amount of money to them (€100k) that they may consider it seriously, or at the very least use it as a starting point.

marathonic

Anatom wrote: »

Given they are all variable rates, which are pretty much comparable to the competition, you won't be getting a much better deal elsewhere either.

I don't understand why Danske would offer significant reductions on performing loans on a variable rate. Why not just bump up the rate by a percent instead?

Those in a position to pay the loan off, or move it to a different lender, would do so. Those that remain are more profitable.

nicky5mx

Hello all,

I have been watching this forum closely as I have an offset which works brilliant as I do offset approx. 50% of my mortgage balance.

I think the Danske bank are taking the absolute p**s with the offer of reducing the interest rate by 1% (0.55% in reality if you have prestige discount). Granted it will depend on personal circumstances but for anybody off-setting a half decent amount of savings then the offer is an insult and should not be accepted. I guarantee that within 12 months we will be paying at least 4.5% to 5% as the bank will just want people to get lost and switch the mortgage to another bank. It will be open season for them once they think people will be stupid enough to agree to the offer.

I agree that anybody who is unhappy should write immediately (and not on their stupid e-banking app that they never reply to difficult questions) and inform the bank that they are breaching the terms of the original contract and the offer is not acceptable. I think they should be given 14 days to respond before the matter is referred to the ombudsman.

If enough people do this then they will have to think again about how they are dealing with this matter. It would indeed be a great help if people in this situation acted as a group instead of individuals. However the clock is ticking as 2 months is not a lot of time if it must be referred to the very slow wheels of the financial ombudsman.

In summary.......Fight this and under no circumstances accept unless you do not have much money to offset against. I can fully understand why somebody would want to accept the 1% offer if their circumstances are that the off-set does not save them much money each month.

yop

Ok folks, page setup

https://www.facebook.com/DanskeRipOff

Spread the word, just share it and please ask those you know to share it.

I made contact with Sinead Ryan from the independent.ie who has been great previously in responding to one of my tweets, she has all the details and will probably drop in on these threads.

Stand firm, enjoy the ride!

williambacon

Hi,

I have an offset and a tracker personal mortgage. I enquired about a month ago about paying them off in return for a discount, but was told that Danske wheren't considering this. Would you have the name or contact details of your business rep, in order that I might contact him to enquire? Thanks.

Duncelt

Just wondering if anyone had any luck in getting a settlement?

yop

Duncelt wrote: »

Just wondering if anyone had any luck in getting a settlement?

Some did, I didn't get anywhere. FSO has ruled on it, max was 3000 euro. Danske walked away singing I am sure.

Duncelt

I've wrote to them asking for a reduction as I want to sell my house but won't get what I owe - I've filled in the form and sent it last week so hoping for a response soon. Nice to hear some people got somewhere - do you know if those who were successful got much of a reduction?

yop

Duncelt wrote: »

I've wrote to them asking for a reduction as I want to sell my house but won't get what I owe - I've filled in the form and sent it last week so hoping for a response soon. Nice to hear some people got somewhere - do you know if those who were successful got much of a reduction?

Not a reduction/write off no. This was in relation to the pulling of the Offset product sorry.
From my understanding Dankes are one of the toughest to get a write down down there. If you can get a good Financial Advisor to assist.

Duncelt

ok thanks - sure i'll see what they come back with and let you's know