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Trackers - dont count your chickens

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  • 04-12-2008 3:56pm
    #1
    pgroarke
    Closed Accounts Posts: 38 ✭


    A big story in the UK is the fact that many lenders had sneakily inserted floor clauses into the fine print of their Tracker mortgages.
    As a result many Tracker holders in the UK will see NO BENEFIT whatsoever accruing from the cut announced today as they've already hit the floor.
    I wonder if the same applies to Trackers over here, will be reading my fine print this evening.


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    #2
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    pgroarke wrote: »
    A big story in the UK is the fact that many lenders had sneakily inserted floor clauses into the fine print of their Tracker mortgages.
    As a result many Tracker holders in the UK will see NO BENEFIT whatsoever accruing from the cut announced today as they've already hit the floor.
    I wonder if the same applies to Trackers over here, will be reading my fine print this evening.

    Wasn't aware of that !


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    #3
    Hellm0
    Registered Users Posts: 1,028 ✭✭✭Hellm0


    pgroarke wrote: »
    A big story in the UK is the fact that many lenders had sneakily inserted floor clauses into the fine print of their Tracker mortgages.
    As a result many Tracker holders in the UK will see NO BENEFIT whatsoever accruing from the cut announced today as they've already hit the floor.
    I wonder if the same applies to Trackers over here, will be reading my fine print this evening.

    I am sure that if it's true in the UK, it's true here.


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    #4
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    Hellm0 wrote: »
    I am sure that if it's true in the UK, it's true here.

    It is and if people are not aware of it, it is because of their, and their solicitors' ignorance.


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    #5
    Eurorunner
    Closed Accounts Posts: 2,393 ✭✭✭Eurorunner


    kaiser sauze wrote: »
    It is and if people are not aware of it, it is because of their, and their solicitors' ignorance.
    Let me register myself here as one of the unenlightened then! :D

    Whats the story with this as regards the LTV mortgage product from NIB?

    Has been ok up until the last 0.5% reduction as got confirmation in post from NIB...


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    #6
    pgroarke
    Closed Accounts Posts: 38 ✭pgroarke


    Have just gone through my mortgage contract with a fine-toothed comb and there is NO floor limit in it.

    For those that may be on a similar product it is the AIB tracker with low LTV.
    (I think 40%)
    AIB were advertising them in the first half of '08 before withdrawing them in June.
    Its margin is 0.6% above the ECB rate.

    Long may the cutting continue...


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