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Will the bank do a deal if I buy out my tracker?

spida · 2012-08-03 21:10:14

My wife and I are in the enviable position of having come in to some money. We currently live in an apartment which has a tracker mortgage with BoI. So the tracker mortgage is 'cheap money' but may not always be. Also, we are paying interest on the money that we don't have to as we can now afford to buy it out. My question…

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#32 15-01-2013 1:27pm
D3PO

Registered Users Posts: 7,879 ✭✭✭

Join Date: April 2009

Posts: 7782

makeorbrake wrote: »

I can only imagine that they believe the majority who find themselves in a position to pay off early - will probably do that anyway - ultimately. Some feel more secure having the mortgage on their PPR paid off. Others will want to trade up - and the desire to do that will possibly result in them surrendering their tracker.

Without a deal, I have vowed to go the full distance with my own mortgage - with not one overpayment

Maybe they do. Id argue that those in a position to payoff a trackered mortgage are very financially astute and will invest their money in the most beneficial way.

I have a chunk of savings I could over pay with, but its earning me more on deposit that it would be in saved interest if I paid it off my tracker. Makes no sense in me overpaying and I wont until it becomes the best way to utilise my money.

If the banks found middle ground that benefitted me over my current position and beneffited themselves aswell Id be happy to do a deal, they have no appetitie to though.

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