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Trackers -was there min amount required

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  • 29-07-2012 12:07pm
    #1
    Morleystreet
    Registered Users Posts: 225 ✭✭


    I have a mortgage with ebs. Unfortunately it's not a tracker:mad:

    When trackers came out I remember reading a little into them, and I thought it said that you needed a minimum mortgage of 250k in order to get one. I had lower mortgage than this so never looked into it any further at the time.

    Question is, did I mis-understand the tracker at the time. Ie Did anyone borrow less than 250k and get a tracker. Just trying to put my mind at ease or feel even twice as sick:pac:


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    #2
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    Sorry to tell you, but it was possible to get a tracker for less than €250,000. But EBS didn't deal with brokers, so I'm not that familiar with their offerings. Maybe EBS had such a minimum. Maybe you're better off not asking this question...


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    #3
    Morleystreet
    Registered Users Posts: 225 ✭✭Morleystreet


    Cheers Liam. I know, can't do anything about it now anyway but was just on my mind. Have done a bit of searching and found following from march 2006. But maybe they did also offer ones for less than 250k and maybe a higher rate than1.1 percent. If only I'd had as much interest in researching the topic at the time!!

    "
    Many of the good looking tracker mortgages - such as the ECB plus 0.75% from First Active have conditions that would not be met by many people. That example requires a loan of over 500k and an LTV of less than 40%. So the property would be worth about 1.2 million.
    One of the lower more realistic trackers is the ECB plus 1.1% available from Bank of Ireland - which requires a loan of more than 250k - the LTV is given as not applicable - so we have to assume it doesn’t matter.

    Bank of Ireland rates

    EBS also have a tracker of ecb plus 1.1% for loans over 250k and LTV greater than 80% an less than or equal to 92%.
    This is currently at 3.6% eff 10 MArch.

    EBS Rates Here"


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    #4
    hadook
    Registered Users Posts: 792 ✭✭✭hadook


    They were available with other banks around that time. We're on a tracker since 2005/6ish at ECB+1.68% (ptsb) and original loan value was a lot less than 250k.


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    #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,308 Mod ✭✭✭✭Gumbo


    In March 2006 i got a Tracker from ICS for a mortgage of just under 220k.
    Sold that apartment and bought house in October 2006 and got a Tracker from Bank Of Scotland for a mortgage of 350k.

    So yeah, some banks offered trackers at various different loan values etc


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