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Has anyone sold their tracker mortgage back to bank?

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  • 20-03-2011 6:22pm
    #1
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭


    Anyone done it or been approached by your bank


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    #2
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    Anyone know would a bank be interested in doing the following......, if I'm in neg equity by 50k, and want to sell, could the bank buy my tracker for say 60k, house is sold for 230k, I owe 280k, so I give them back 50k, they're not stuck with a cheap mortgage that they don't want, I walk away with 10k........I know dream on....but:cool:


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    TBH, I highly doubt it. I don't know of anyone who has been approached by a bank offering to buy their tracker mortgage. I'm working in a branch of a bank at the moment and I haven't heard of it being done where I work anyway, I can't speak for other banks.

    I suppose it couldn't hurt to ring your bank and see.


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


    Seems to be an urban legend.

    No one has evidence of an offer.


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    #5
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    Doesnt hurt to ask !!!


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    #6
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    Mmmm banks must be reading my mind, big article in the Indo today, seems PTSB may got down this route

    http://www.independent.ie/business/personal-finance/property-mortgages/tracker-holders-may-get-cash-incentive-to-pay-early-2590609.html


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    #7
    The Rooster
    Registered Users Posts: 4,517 ✭✭✭The Rooster


    Doom wrote: »
    Anyone know would a bank be interested in doing the following......, if I'm in neg equity by 50k, and want to sell, could the bank buy my tracker for say 60k, house is sold for 230k, I owe 280k, so I give them back 50k, they're not stuck with a cheap mortgage that they don't want, I walk away with 10k........I know dream on....but:cool:

    It seems that most banks will be coming up with some kind of offer alright - it'll be interesting to see what the exact details are.

    However from the Indo article, it seems you're a bit too optimisitc. They'll take €272k as full repayment of your €280k mortgage (i.e. every €100 extra payment reduces mortgage by €103).

    So effectively paying you €8k for the tracker rather than €60k unfortunately.


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    #8
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    You can be sure the banks will cartel on this. They'll set the price low initially as plenty will take it up.


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    #9
    bamboozle
    Registered Users Posts: 3,699 ✭✭✭bamboozle


    just wondering with all the attention tracker mortgages & their cost to banks has anyone been approached by their bank and offered financial incentive to come off the tracker?

    or has anyone approached their bank looking to cut a deal?


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    #10
    DM0970
    Registered Users Posts: 4 ✭DM0970


    I had the same query. The answer seems to be that this is not actually happening? It's rumoured and talked about, but no actual substance


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    #11
    NIMAN
    Registered Users Posts: 33,604 ✭✭✭✭NIMAN


    This question has been doing the rounds on another financial forum for ages, and there is still not, despite it even being reported in the papers as well, one concrete 'yes it happened to me' out there.

    Urban myth methinks


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