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People with tracker mortgages will be stuck with lender

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  • 22-10-2008 10:03am
    #1
    Trampas
    Registered Users Posts: 7,650 ✭✭✭


    With nearly every financial institute no longer offering tracker mortgages which i think offer the lowest rates.

    I am on .75% above ECB rate

    I can't see myself ever leaving my lender due to not getting anywhere near as close as rate as I am on now.

    I am sure a lot of people are in the same boat as myself.


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    #2
    mkdon05
    Registered Users Posts: 766 ✭✭✭mkdon05


    Stuck with lender??????
    Why are you stuck with them?
    Obviously you would choose to stay with your lender because of your low tracker rate!!

    I dont get it??


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    #3
    Trampas
    Registered Users Posts: 7,650 ✭✭✭Trampas


    Sorry. When I mean stuck with lender is that it would not be financially wise to move because of rates been offered elsewhere


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    #4
    Eurorunner
    Closed Accounts Posts: 2,393 ✭✭✭Eurorunner


    Trampas wrote: »
    Sorry. When I mean stuck with lender is that it would not be financially wise to move because of rates been offered elsewhere
    Have similar deal (partially on ECB +.50%/rest on ECB+0.75%).
    Very satisfying to think you've got a rate that the banks are losing money on :D
    Silver linings and all that.

    Obviously, staying put is a no brainer. There was a piece on the radio during the week suggesting that some banks are sending out letters to customers offering them other deals. They are trying to shift people on trackers off of them - as some people don't realise that if they're already on one, the bank can't withdraw it. They didn't name the bank but it would be very interesting to see which of them it was.


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    #5
    Trampas
    Registered Users Posts: 7,650 ✭✭✭Trampas


    Eurorunner wrote: »
    Have similar deal (partially on ECB +.50%/rest on ECB+0.75%).
    Very satisfying to think you've got a rate that the banks are losing money on :D
    Silver linings and all that.

    Obviously, staying put is a no brainer. There was a piece on the radio during the week suggesting that some banks are sending out letters to customers offering them other deals. They are trying to shift people on trackers off of them - as some people don't realise that if they're already on one, the bank can't withdraw it. They didn't name the bank but it would be very interesting to see which of them it was.

    I got one of them letters. I am with IIB or whatever they are called now.

    5% fixed rate.

    If you look at AIB they are offering fixed rate at 5.2% which var at 5.5%.

    They know rates are going down so trying to get people on the fix. When you see offers like this you know rates are going one way at that is not up.


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    #6
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    The only reason the banks are losing money on them is because the Euribor is so high. Give it a few months/years, and the Euribor will be back to the ECB rate, at which the banks will continue to make a nice profit.

    Only a fool would have fixed over the past year and during the next year.


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