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

  • 09-04-2013 12:26pm
    #1
    Registered Users, Registered Users 2 Posts: 484 ✭✭


    Just heard on the radio that boi are doing research into how to get people to give up trackers.
    I would think they are worth a lot and the bank will have to offer serious incentives.


«13

Comments

  • Registered Users, Registered Users 2 Posts: 10,263 ✭✭✭✭Borderfox


    From my cold dead hand :-)


  • Registered Users, Subscribers, Registered Users 2 Posts: 47,344 ✭✭✭✭Zaph


    My tracker is at ECB +0.5%, so they'd need to write off a minimum of 75% of what's outstanding before I'd even have the discussion with them.


  • Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    Write off more than half off my existing principal, and I'd consider it, otherwise........NOPE!


  • Registered Users, Registered Users 2 Posts: 6,339 ✭✭✭How Strange


    Yes, for us it'd have to be a substantial write down in the region of 50-75% which isn't going to happen.

    We'd be fools to give up our tracker otherwise.

    On a side note; is it worth paying extra against the principal on a tracker?


  • Moderators Posts: 3,554 ✭✭✭Wise Old Elf


    Was discussing this at lunch time in work.
    My tracker is ECB +1.25% (Zaph, I'm jealous!). Realistically, I wonder would a 25% write off of outstanding capital be reasonable, or would I push for more!
    Hypothetical anyway, as I don't think it'll happen.

    Edit: I just did some rough calculations based on current figures, and ye're all right. If I had 25% of the capital written off and a variable rate of 4.4% applied, then I would end up paying back approximately the same amount of money over the remaining life of the mortgage as if nothing had changed, so 50% or nothing!


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  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    I wouldn't give it up unless there was a benefit to me. By that I mean if they gave me €10,000 off the principal there would be no benefit as I would end up paying back more. I currently have a 0.8% tracker which is a dream of a rate these days. I would need a big enough reduction in the principal and a guaranteed fixed rate until the end of my mortgage meaning my repayments would be at worst equal to what I am paying now. The bank will not do this however as there would be no benefit to them. Therefore to quote a previous poster (and the NRA) 'from my cold dead hands'.

    Before anyone gives up a tracker they should consult a financial person to go through it with them.


  • Registered Users, Registered Users 2 Posts: 1,668 ✭✭✭Corkbah


    only way they would get me to get rid of my tracker is .... if they clear my mortgage completely !!


  • Registered Users, Registered Users 2 Posts: 11,264 ✭✭✭✭jester77


    Would a decent long term fixed rate, 15-20 years, not make people consider?

    ECB rates are not going to stay low for ever and when they start to move up, they will probably move quick.


  • Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    Funny that people say 50-75% without even doing the maths.

    One important factor that everyone has ignored is that if you intend to move house say 5 years from now you are going to lose the tracker anyway, so an offer today that might not make a lot of sense over the whole life of the mortgage could save a lot of money over 5 years. I don't know the stats but if say the average person own 3 houses in a lifetime, then the majority of mortgages never go to their full term.


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    Yes, for us it'd have to be a substantial write down in the region of 50-75% which isn't going to happen.

    We'd be fools to give up our tracker otherwise.

    On a side note; is it worth paying extra against the principal on a tracker?

    In 2006, I took out a 30 year mortgage with PTSB. After a year on a fixed rate I switched to a tracker (thank jeebus!) of ECB +0.95%.
    Since about 2008/9 I've been overpaying it and if I continue overpaying until the principle is paid off, the mortgage should be completed in 2024.

    Basically I've shortened my mortgage by 12 years which should save a lot of money due to paying less overall interest due to having a smaller principle (certainly towards the end).

    A couple of years ago, PTSB were trying to get people to pay off their trackers quicker by suggesting paying one-off sums of 5k (the lowest being 5k, the highest being 50k) against your mortgage and they would donate a sum of 5% (I think it was) against your principle.
    I didn't partake but it was worth it if you had a lump sum like that hanging around!

    By that stage they had probably conceeded defeat in actually bribing people OFF their trackers, as I knew of other banks (not necessarily PTSB) offering customers smallish lump sums (eg 5k) if they came off their trackers and switched to variables... I'm sure some unfortunates did it for quick cash without realising the consequences in the long run!


    IMO, nothing is worth giving up your tracker, as the banks would never give you a deal that's worth it for you, as that would simply cost them even more money. Having said that, if you had serious cash-flow problems, and I mean serious, you could probably do a deal with them to come off your tracker which would leave you slightly/moderately worse off in the long run but would give you decent cash flow in the short term. Certainly more than a paltry 5k would need to be on offer though!


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  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    Bigcheeze wrote: »
    Funny that people say 50-75% without even doing the maths.

    One important factor that everyone has ignored is that if you intend to move house say 5 years from now you are going to lose the tracker anyway, so an offer today that might not make a lot of sense over the whole life of the mortgage could save a lot of money over 5 years. I don't know the stats but if say the average person own 3 houses in a lifetime, then the majority of mortgages never go to their full term.

    You're right. I forgot about the moving house factor. Certainly worth a consideration of a deal if you're planning a move. I'm not, so I guess that's why I didn't consider it.


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    fyfe79 wrote: »
    In 2006, I took out a 30 year mortgage with PTSB. After a year on a fixed rate I switched to a tracker (thank jeebus!) of ECB +0.95%.
    Since about 2008/9 I've been overpaying it and if I continue overpaying until the principle is paid off, the mortgage should be completed in 2024.

    the current ECB rate is .75%. Therefore you are paying interest at 1.7% (.95+.75) on your mortgage payments.
    If, instead of reducing the principal you invested your excess cash in a fixed rate deposit account of say for example 3%, then even after DIRT you would be better off than overpaying the principal of your mortgage. This would allow you to pay off your mortgage earlier than 2024.

    To put it simply, if you pay off €1000 of principal now you will save the accumulated interest of €203 before 2024 (11 years) whereas at a 3% interest rate on depositing your cash you will earn €384 by 2024*. 384 less DIRT = €257.

    That is assuming all you can get is 3%. If you look at alternatives than fixed rate deposit accounts you should be able to get more. I would recommend you talk to a Financial advisor.


    *taking as 11 years, hopefully my maths are right as I did this in a hurry


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    Cheers Pawwed Rig. Yeah, it's something I've thought about.

    I've a deposit account with BOI for the past 3 years or so which is paying out 2%. Which crowd offers 3%? I'm interested in that!

    You're right regarding paying the overpayment (€300) into a deposit account instead of off the mortgage, I should really get my arse in gear and do that sooner rather than later. Makes total sense. I think I just like the idea of over-paying my mortgage for some reason!


  • Registered Users, Registered Users 2 Posts: 6,339 ✭✭✭How Strange


    Unfortunately with the negative equity on our home it's very doubtful that we'd be able to sell in 5 years time. Maybe in 8-10 years if the market picks up a bit we'll be able to break even.


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    fyfe79 wrote: »
    I've a deposit account with BOI for the past 3 years or so which is paying out 2%. Which crowd offers 3%? I'm interested in that!

    I got a good rate with KBC a year ago so you could try them.
    At 2% with BOI you are better to pay off your mortgage.
    You could also look into some of the funds the banks are offering. They will meet you and go through them for free although the higher the return, the higher the risk.
    Also try the post office. They may have government bonds on offer at a higher rate.


  • Registered Users, Registered Users 2 Posts: 19,031 ✭✭✭✭murphaph


    Pawwed Rig wrote: »
    the current ECB rate is .75%. Therefore you are paying interest at 1.7% (.95+.75) on your mortgage payments.
    If, instead of reducing the principal you invested your excess cash in a fixed rate deposit account of say for example 3%, then even after DIRT you would be better off than overpaying the principal of your mortgage. This would allow you to pay off your mortgage earlier than 2024.

    To put it simply, if you pay off €1000 of principal now you will save the accumulated interest of €203 before 2024 (11 years) whereas at a 3% interest rate on depositing your cash you will earn €384 by 2024*. 384 less DIRT = €257.

    That is assuming all you can get is 3%. If you look at alternatives than fixed rate deposit accounts you should be able to get more. I would recommend you talk to a Financial advisor.


    *taking as 11 years, hopefully my maths are right as I did this in a hurry
    ...and that's not even accounting for the opportunity cost of having no cash on hand for emergencies. Life can throw curve-balls at us as the yanks might say. Having cash on deposit as opposed to having it paid off your (attractive) tracker is a benefit in itself.

    I have a ECB +0.75% tracker on a BTL (currently my only mortgage) and there's no way I'd pay it off early when I can get more (and do) on deposit. If my German bank ever collapses I can assure you we'll all be in the sh!t and I won't be worrying about my outstanding mortgage anyway.

    The funny thing is, trackers are still available here in Germany but the margins never got so crazy generous as in Ireland. A tracker is not "dangerous" to a bank if they set a reasonably safe margin. Irish banks got so greedy for market share that they began offering silly margins (ECB + 0.5% is just crazy stuff and always was)


  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    Worth making a submission to the Central Bank of Ireland to this e-mail address -

    code@centralbank.ie

    Put "CODE OF CONDUCT ON MORTGAGE ARREARS " in the subject box

    Here's the proposed code.....it doesn't look good for tracker mtg holders if the CB push this part of the code through

    http://www.centralbank.ie/regulation/poldocs/consultation-papers/documents/cp63%20review%20of%20the%20code%20of%20conduct%20on%20mortgage%20arrears/consultation%20paper%20cp63%20final.pdf

    Make your submission by tomorrow 10th April 2013

    Guy was talking about it on the Joe Duffy show today, here's the link (bottom of page under "mortgages") -

    http://www.rte.ie/radio1/liveline/


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    vicwatson wrote: »
    Here's the proposed code.....it doesn't look good for tracker mtg holders if the CB push this part of the code through

    Can you be more specific? I haven't got time to read a 39 page document.


  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    MMAGirl wrote: »
    Just heard on the radio that boi are doing research into how to get people to give up trackers.
    I would think they are worth a lot and the bank will have to offer serious incentives.


    Here's the Charlie Weston Article in The Indo -

    http://www.independent.ie/business/personal-finance/property-mortgages/storm-over-banks-dirty-tricks-on-tracker-loans-29182682.html


  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    Pawwed Rig wrote: »
    Can you be more specific? I haven't got time to read a 39 page document.


    So you want me to read it for you :pac: ?

    Send in a submission specifying that you are against allowing the banks automatically remove your tracker mortgage.


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  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    Pawwed Rig wrote: »
    Can you be more specific? I haven't got time to read a 39 page document.


    Page 4 just for you ;)

    viii) Tracker mortgages – 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.


  • Registered Users, Registered Users 2 Posts: 1,302 ✭✭✭Bits_n_Bobs


    The top couple of tiers within the banks, central bank, financial regulator and dept of finance, and a few ministers hung drawn and quartered MIGHT tempt me off.

    Except they've all retired with their squillions, so that's not likely to happen.


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    vicwatson wrote: »
    viii) Tracker mortgages – 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.

    Well that is a lot less scary than this:
    vicwatson wrote: »
    Here's the proposed code.....it doesn't look good for tracker mtg holders if the CB push this part of the code through

    The CB are exploring the possibilty of moving someone off a tracker if they're in arrears and are being offered a debt write-off that's beneficial to the borrower.
    Tracker holders who are on top of their payments should be safe then, no?

    From a legal point of view, what's stopping the CB abolishing trackers in the future and terminating all current trackers? (ie. ripping off everyone on a tracker because they're loss-making). Is it at all possible? Wouldn't surprise me.


  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    fyfe79 wrote: »
    Well that is a lot less scary than this:

    "it doesn't look good for tracker mtg holders if the CB push this part of the code through"

    The CB are exploring the possibilty of moving someone off a tracker if they're in arrears and are being offered a debt write-off that's beneficial to the borrower.
    Tracker holders who are on top of their payments should be safe then, no?

    From a legal point of view, what's stopping the CB abolishing trackers in the future and terminating all current trackers? (ie. ripping off everyone on a tracker because they're loss-making). Is it at all possible? Wouldn't surprise me.


    It still doesn't look good for holders of tracker mortgages if this part is pushed through. FACT.


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    fyfe79 wrote: »
    Well that is a lot less scary than this:

    .

    Exactly. I saw the bit about arrears but assumed I had missed something due to the posters sensationalist headline.
    vicwatson wrote: »
    So you want me to read it for you pacman.gif ?

    Send in a submission specifying that you are against allowing the banks automatically remove your tracker mortgage.
    Yes if you are going to post a document to back up a point it is better to focus on what you are trying to say as people have not got time to read large volumes of text.

    See link below this proves all of my points
    http://www.independent.ie/


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    vicwatson wrote: »
    It still doesn't look good for holders of tracker mortgages if this part is pushed through. FACT.

    I agree.
    But do banks only have a legal leg to stand on if the account is in arrears?
    What about tracker holders that are meeting repayments? Can they just axe all trackers if they wish? Would that be illegal?

    I suppose, does it even matter anymore if it's legal or illegal, banks seem to do as they please anyway and get away with it. Some new form gets signed and hey presto, all trackers are history :-(


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    Well it is a legal contract you have with the bank for whatever that is worth. Someone in arrears would already be in default of that contract so you could argue that the contract is null and void. Not sure what the point would be in loading more debt onto someone who is already struggling but sure that is what the government do every day.
    The banks need to repo more properties so this might be one method of getting people to give up and walk away.


  • Registered Users, Registered Users 2 Posts: 6,733 ✭✭✭Tombo2001


    the day someone tells me they had X% of their mortgage written off to switch off their tracker is the day I'll start having this conversation....

    Its like wondering who you would pick if you were Ireland manager.

    I'm not Ireland manager. Banks are not negotiating deals to get people off trackers.

    Whats the point?


  • Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭handlemaster


    50% would be about right. the banks have obviously done the numbers and its not viable at the moment. the loss making trackers not only make a loss on these loans but make overal borrowing by the banks more expensive not to mention holding back share prices. look at danske bank they have mentioned it in their financials


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  • Registered Users, Registered Users 2 Posts: 484 ✭✭MMAGirl


    We paid our mortgage off with about 20 years remaining. We were on a tracker of ECB + 0,75 at the time.
    The more I think about it the more annoyed I am that we paid it off. Should have put the money in a deposit account and made a bit of a profit.


  • Closed Accounts Posts: 1,628 ✭✭✭Ando's Saggy Bottom


    Forgive my naivety but I presume its impossible to get a tracker mortgage these days?


  • Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Forgive my naivety but I presume its impossible to get a tracker mortgage these days?

    Yep!:(

    On the trackers being removed its only in return for a debt write down/renegotiation. There has to be a bit of give from both sides of the trable so Id have no problem with it.
    That said boi in the uk increased the tracker rate in the uk but there was a contractual agreement to that effect. They aren't able to do that here.

    If you're on a tracker don't pay it off early if you can earn more after dirt with it on deposit. Currently kbc are giving 3% for instant access. Who knows how valuable that money on deposit could be to you in a few years time if you lose your job!
    Just don't let it go over 100,000


  • Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    Interest rates will not stay at historically low rates for ever, anyone being incentivised to move off their tracker should bear that in mind. You might another 2 or 3 years, but at some stage in relatively near future I would expect interbank rates and ecb rate to equalise and then who knows, maybe those on a +1.5 tracker will be paying more than those on a variable.


  • Registered Users, Registered Users 2 Posts: 1,668 ✭✭✭Corkbah


    Glenbhoy wrote: »
    Interest rates will not stay at historically low rates for ever, anyone being incentivised to move off their tracker should bear that in mind. You might another 2 or 3 years, but at some stage in relatively near future I would expect interbank rates and ecb rate to equalise and then who knows, maybe those on a +1.5 tracker will be paying more than those on a variable.

    for the forseeable future (5-10yrs min) there will be very little signs of recovery - despite what "statistics" the government throw out....other countries throughout europe are facing economic distress and this will keep interest rates low, so at the moment the banks are looking to offload/remove the trackers but they are not willing to offer their customers anything near the value of the tracker.

    my BIL (Brother-in-law) was offered €15K to switch from a tracker, he did the maths and if he was to switch the equivalent value of extra money he would be paying would be €80K, so he told the bank that he did the maths and financially he was better off staying with his tracker but if they were willing to increase their offer closer to €100K he would consider it.... he has no problems making payments at the moment but it was practically an insult by the banks with the offer they made....needless to say they said they were unwilling to meet his counter offer....and didnt increase their offer.


  • Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    Pawwed Rig wrote: »
    Exactly. I saw the bit about arrears but assumed I had missed something due to the posters sensationalist headline.


    Yes if you are going to post a document to back up a point it is better to focus on what you are trying to say as people have not got time to read large volumes of text.

    See link below this proves all of my points
    http://www.independent.ie/


    Aw musha, you haven't the time to read it, awww, well I posted the page number for you so you don't have to waste your precious time:)


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  • Registered Users, Registered Users 2 Posts: 34,321 ✭✭✭✭NIMAN


    I gave up my tracker, but I was more than happy to get my house sold and still make a profit.


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    vicwatson wrote: »
    Aw musha, you haven't the time to read it, awww, well I posted the page number for you so you don't have to waste your precious time:)
    Read my other posts.


  • Registered Users, Registered Users 2 Posts: 484 ✭✭MMAGirl


    Glenbhoy wrote: »
    Interest rates will not stay at historically low rates for ever, anyone being incentivised to move off their tracker should bear that in mind. You might another 2 or 3 years, but at some stage in relatively near future I would expect interbank rates and ecb rate to equalise and then who knows, maybe those on a +1.5 tracker will be paying more than those on a variable.

    People on trackers will be able to switch to variable if they want.


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,117 Mod ✭✭✭✭AlmightyCushion


    fyfe79 wrote: »
    Cheers Pawwed Rig. Yeah, it's something I've thought about.

    I've a deposit account with BOI for the past 3 years or so which is paying out 2%. Which crowd offers 3%? I'm interested in that!

    You're right regarding paying the overpayment (€300) into a deposit account instead of off the mortgage, I should really get my arse in gear and do that sooner rather than later. Makes total sense. I think I just like the idea of over-paying my mortgage for some reason!

    http://www.askaboutmoney.com/showthread.php?t=20747

    Regular Saver with KBC gives 3.5%. Even after DIRT the interest you'll earn will be a nice margin about what you're paying on the mortgage especially when compounded over many years.


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    Thanks for the link, AlmightyCushion. So I'm paying into the worst depostit account (BOI) and overpaying my tracker mortgage... not great financials! :(

    I can't close the deposit account for another 18 months approx, but can cancel the tracker overpayment anytime, which I will do. 3.5% with KBC sounds mighty.


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  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,117 Mod ✭✭✭✭AlmightyCushion


    fyfe79 wrote: »
    Thanks for the link, AlmightyCushion. So I'm paying into the worst depostit account (BOI) and overpaying my tracker mortgage... not great financials! :(

    I can't close the deposit account for another 18 months approx, but can cancel the tracker overpayment anytime, which I will do. 3.5% with KBC sounds mighty.

    2% is far from the worst, there are accounts paying out less interest than that. There are probably loads of legacy accounts out there that at one time were paying good rates but have since been reduced to next to nothing and the people who own them are none the wiser. So, you weren't doing too badly but your money could be doing more for you.


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,421 CMod ✭✭✭✭Pawwed Rig


    Definitely 2% is not the worst. At least you have put some thought into it. Alot of people leave large amounts of cash sitting in current accounts at 0%.


  • Registered Users, Registered Users 2 Posts: 4,211 ✭✭✭fyfe79


    I've just double-checked the BOI deal and I can actually close it anytime without fees, so I'll close that and stop my tracker overpayment.
    I've printed off the KBC 'Regular Saver' application form so I'll get the ball rolling.

    Thanks a million for your help lads, great stuff :)


  • Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    Corkbah wrote: »
    for the forseeable future (5-10yrs min) there will be very little signs of recovery - despite what "statistics" the government throw out....other countries throughout europe are facing economic distress and this will keep interest rates low, so at the moment the banks are looking to offload/remove the trackers but they are not willing to offer their customers anything near the value of the tracker.

    I agree there will be little signs of recovery, that doesn't mean that the bundesbank will be happy to keep interest rates at their current level. I don't think for a minute that forseeable future is anywhere near 5-10yrs either, if anyone can forsee that long, they're wasting their time posting on here, they should be advising govts or busy making money with their own hedge fund.


  • Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    MMAGirl wrote: »
    People on trackers will be able to switch to variable if they want.

    That was actually tongue in cheek, but on reflection, will they??


  • Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Glenbhoy wrote: »
    That was actually tongue in cheek, but on reflection, will they??

    Why would they?


  • Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    Why would they?

    We were discussing the probability of ECB rates increasing again to historical norms and the hypothetical situation wherein variable rates are 7.3% but Tracker is at ECB +1.5% when ECB rate is 6%.


  • Registered Users, Registered Users 2 Posts: 34,321 ✭✭✭✭NIMAN


    Is the ECB not rumouring to be lowering the base rate again, I would say its a long way off ever being 6%.


  • Registered Users, Registered Users 2 Posts: 484 ✭✭MMAGirl


    Glenbhoy wrote: »
    That was actually tongue in cheek, but on reflection, will they??


    Sorry. Meant to say variable or fixed, not just variable


  • Registered Users, Registered Users 2 Posts: 484 ✭✭MMAGirl


    NIMAN wrote: »
    Is the ECB not rumouring to be lowering the base rate again, I would say its a long way off ever being 6%.

    True. And if you do a search on boards you will see people saying " interest rates are only going one way" from many years back.


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