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UK banks could end up paying mortgage holders

BendiBus · 2008-12-07 20:45:46

I'd not heard of this before. Apparently some UK trackers are tracking BELOW the BOE rate. If rates fall as low as predicted, the tracker rate will go sub-zero :cool: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3567585/Tens-of-thousands-of-home-owners-could-have-their-mortgage-paid-by-banks.html

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07-12-2008 9:45pm

#1

BendiBus

Closed Accounts Posts: 2,074 ✭✭✭

Join Date: April 2003

Posts: 1936

I'd not heard of this before. Apparently some UK trackers are tracking BELOW the BOE rate. If rates fall as low as predicted, the tracker rate will go sub-zero :cool:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3567585/Tens-of-thousands-of-home-owners-could-have-their-mortgage-paid-by-banks.html

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#2 07-12-2008 11:19pm
Senna

Registered Users Posts: 8,800 ✭✭✭

Join Date: August 2007

Posts: 8525

Jesus, that's 50k to 60K very lucky people.

There seems to be quite a difference in bank lending procedures in the UK compared to Ireland. Did any bank in Ireland even offer a tracker less than ecb +.5%? Also the UK offered mortgage LTV well about 100%, i think i heard 130% mortgages being offered.

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