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Pay off my Tracker mortgage

  • 18-11-2019 4:08am
    #1
    Wotsdastory
    Registered Users Posts: 4 ✭


    I have a historic 2005 tracker mortgage with BOI for 35 years. During that time I have luckily never been in arrears and have been paying capital and interest all that time. I have about 250k remaining that I owe on that mortgage and was wondering has anyone ever had a discount from the bank to pay the whole thing off in a lump sum? I have around 180K in a deposit account.


Comments

  • #2
    _Brian
    Registered Users, Registered Users 2 Posts: 18,603 ✭✭✭✭_Brian


    It’s strange.
    This is the exact sort of deal they would do for business customers but for some reason won’t extend to private customers.

    Have a very attractive tracker ourselves and all you hear is about how the banks are loosing so much on trackers. Yes when we approached them with an offer to settle at a discount to us they weren’t interested.


  • #3
    Wotsdastory
    Registered Users Posts: 4 ✭Wotsdastory


    Thanks Brian yes seems bizarre... Seems to be good for both parties.


  • #4
    Q&A
    Registered Users, Registered Users 2 Posts: 561 ✭✭✭Q&A


    At the height of the crises they were making losses on trackers. Now they're primarily deposit funded with much lower funding costs so trackers are not the poison pill on their balance sheet. So no reason to offer discounts.

    One argument against paying off your mortgage is if you are planning to move property. It might be cheaper in the long run to move the mortgage with you. You won't get the current tracker rate but it might be more competitive than future rates.


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