Will Banks do a deal to clear your Tracker Mortgage

Seve OB

I'm one of the lucky ones who has a Tracker Mortgage and I guess my bank hates me cause apparently they loose thousands because of me!

Just wondering if there is anyone who has any experience of asking your bank to do a deal to clear your mortgage?

I've about 13 years left on mine

Allinall

Don't think so.

Whilst banks were losing money on trackers up to a few tears ago, for the last few years the cost of funds has been zero, or even negative, so the bank would be making money on trackers.

If general interest rates were to increase significantly, then you might have a case. However most tracker rates track the ECB rate, so your tracker will go up accordingly.

phormium

No I would be fairly sure is the answer, they are not losing money on it, just not making as much as they would like! There is no incentive for them to give you a discount.

Jim2007

https://www.boards.ie/discussion/2058232957/will-banks-do-a-deal-to-clear-your-tracker-mortgage

At this stage any potential losses have already been written to the accounts so I doubt that is a concern at this stage. It's their practice, so you'd need some kind a big motivator to get them to depart from their normal procedure.

Geuze

This has been asked over and over on AAM.

The answer is no.

Trackers are not loss-making.

Sheep Shagger

Tried doing a deal with BOi but until I defaulted on thr mortgage they weren't interested (their words not mine).

Wasn't prepared to do that as would screw credit rating for the future.