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ICS withdraw all tracker rates

thesteve · 2008-09-10 07:46:39

So at the final stages of buying a house, notice the mortgage contract sent out had my rate changed from 2 year fixed, rolling to Variable instead of the tracker rate I chose... Called them up and they've removed the tracker rate for all new business! Thanks for informing me like! Where's the logic in this?

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10-09-2008 8:46am

#1

thesteve

Registered Users Posts: 902 ✭✭✭

Join Date: December 2003

Posts: 809

So at the final stages of buying a house, notice the mortgage contract sent out had my rate changed from 2 year fixed, rolling to Variable instead of the tracker rate I chose... Called them up and they've removed the tracker rate for all new business! Thanks for informing me like!

Where's the logic in this?

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#2 10-09-2008 3:29pm
astrofool

Registered Users Posts: 16,653 ✭✭✭✭

Join Date: September 2000

Posts: 15700

Trackers are more expensive for them to provide due to the high euribor rate. With a variable they can guarantee themselves to make money, but not with a tracker locked at ECB +1.1 for example.

They'll start to come back once there's some competition in the mortgage market.

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