Anyone actually get a discount for paying off a tracker mortgage?

NIMAN

First off, not sure if this should be here or in ACCOMMODATION AND PROPERTY, please move Mods if wrong.

Over the last couple of years there have been reports of people being offered discounts by the banks to clear their trackers.

Wondering if anyone can actually say "yeah that happened to me, I got x% discount".

I'm guessing its all just rumour.

killers1

NIMAN wrote: »

First off, not sure if this should be here or in ACCOMMODATION AND PROPERTY, please move Mods if wrong.

Over the last couple of years there have been reports of people being offered discounts by the banks to clear their trackers.

Wondering if anyone can actually say "yeah that happened to me, I got x% discount".

I'm guessing its all just rumour.[/

Deals are being done by the banks. Can't say it happened to me but I know of 1 person who had a mortgage o/s of €300k and the bank accepted €250k. The UK lenders who are no longer lending but are still in the country to service their loan book are open to doing deals as they look to wind down operations. The other cases where it happens is where a property is in negative equity and the bank feel the debt isn't recoverable. They sometimes allow the property to be sold at a loss and come to an agreement with the owner as to what % of the capital is to be written off.

NIMAN

I have quite a small tracker, so would doubt they would be interested in giving me 10% off it if I was to clear it.

killers1

NIMAN wrote: »

I have quite a small tracker, so would doubt they would be interested in giving me 10% off it if I was to clear it.[/

I wouldn't think so and certainly not if there's equity in the property and you've been meeting all repayments

NIMAN

Well the equity in the house is dropping and there is very little in it now, but repayments all being made ok, none ever missed, so I guess they wouldn't see any point in giving me a few grand off.

killers1

I think you know the answer...