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Tracker rates

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  • 25-03-2021 8:41pm
    #1
    Rosemarie84
    Registered Users Posts: 4 ✭


    How do you find out what the tracker rate is.
    I am laying 2.25% but I know someone else with the same bank and they are paying 1.1%.
    Are rates different for everyone.


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    #2
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 75,559 Admin ✭✭✭✭✭Beasty


    Rosemarie84, you posted this in the site's Feedback forum. I've moved it to this one which is more suited to your query


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    #3
    dubrov
    Registered Users Posts: 3,556 ✭✭✭dubrov


    Rosemarie84 wrote:
    How do you find out what the tracker rate is. I am laying 2.25% but I know someone else with the same bank and they are paying 1.1%. Are rates different for everyone.

    Yes, they are different based on your loan to equity and the time you took out the loan.

    Banks don't even offer trackers anymore


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    #4
    phormium
    Registered Users Posts: 3,301 ✭✭✭phormium


    It depends on the deal you got day one on your loan offer, it varied depending on time you took it out, ltv and possibly even other factors. It's not a set tracker rate for everyone, it's a margin over ECB so what is guaranteed is the amount you pay above ECB so both of your loans follow the ECB rate but at different amount above it.

    If you have a copy of your original loan offer you will see what rate it was guaranteed at.

    When did you take out your mortgage? Are you sure it is a tracker, sounds high but maybe that's what was on offer at the time!


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    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    Rosemarie84 wrote: »
    How do you find out what the tracker rate is.
    I am laying 2.25% but I know someone else with the same bank and they are paying 1.1%.
    Are rates different for everyone.

    Banks sell many different financial products, just like car dealers sell many different types of vehicles. Mortgage is to banks as Car is to car dealers - generic names for a collection of products.

    So you need to compare like with like in both cases. You need to know what product they bought and which one you bought to make a valid comparison.


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    #6
    Rosemarie84
    Registered Users Posts: 4 ✭Rosemarie84


    Thank you all for your reply's.
    I called the bank and they said this is the right rate for my tracker.


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