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Anyone sold their Tracker?

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  • 01-10-2010 1:41pm
    #1
    Ahem!
    Registered Users Posts: 21 ✭


    Just wondering if anyone has actually tried to sell their Tracker mortgage back to the bank? Particularly on a voluntary basis, rather than as part of a compulsory restructuring deal.

    I know some of the banks have made derisory offers of c. €1000 and so on, but are they really prepared to consider serious capital discounts that more actually reflect the value of getting rid of the Tracker?

    I'd be very interested if anyone has any experience...........


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    #2
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    I called UB and asked for 30k off balance, 20k cash plus a ten year fixed rate of 4.1%.

    I await their response.... not holding my breath. :P


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    #3
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    I wondered the same thing, I have heard stories of banks offering this and that to people..

    But have not heard of anyone I know, or even stories in the pub with the lads, "a bloke in work..." - let alone people on here talking about it.

    So Im wondering if the banks doing this is in the area of urban legend, like that girl with dog food and the surprise party :)


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    I'm amazed at people with this story.

    I can confirm the UB are not thinking of offering this. The regulator is against it. Even if it was brought in you'd be a fool to take it.

    I for one would think it be a very bad idea. It would prey on those you are looking for a short term gain for a long term pain. It would just paint banks in a worse light than they are at present.

    I'm sure in a few years when the ECB rate is massive, tracker holders will be moaning again!


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    #5
    Ahem!
    Registered Users Posts: 21 ✭Ahem!


    Thanks guys. I've still to find anyone who has actually done it.

    And what a particularly unhelpful post unclebill......I am trying to investigate experiences, not unsubstantiated opinion. But hey this is boards so I guess it comes with the territory!


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


    unclebill98 wrote: »
    I'm sure in a few years when the ECB rate is massive, tracker holders will be moaning again!

    Afraid not. Tracker's will always be great (as long as you got a good margin - mine's @ ECB + 0.75%). Regardless of which way interest rates go over the life of my mortgage, one thing is for certain - my tracker will always be much cheaper than any variable rate being offered.

    Agree that no banks are offering this, just urban myths.


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    #7
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    I'd exchange mine for a ten year fixed rate and a lump sum today.

    Interest rates are going up up up and fixing now for ten or fifteen is IMO a good move if 7% will hurt you.


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    #8
    jimoc
    Registered Users Posts: 634 ✭✭✭jimoc


    I wonder would a bank agree to fixing at 5% for the life of the mortgage and no cash lump sum or discount.

    I'd offer it, but I dont have a tracker (and yes I kick myself each month because of it :) )


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    #9
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    dotsman wrote: »
    Afraid not. Tracker's will always be great (as long as you got a good margin - mine's @ ECB + 0.75%). Regardless of which way interest rates go over the life of my mortgage, one thing is for certain - my tracker will always be much cheaper than any variable rate being offered.

    Agree that no banks are offering this, just urban myths.

    What I mean is when the ECB rate peaked tracker holders moaned about why the Irish Government could not control the rate etc. This will happen again.


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