But legally can banks actually renege on their contract with you?If only a couple or a few of the banks renege on tracker mortgages, it will look really bad from a PR point of view. Can you imagine the backlash and anger from customers if they find out that their bank is cancelling their tracker mortgage while other banks are not changing their tracker deals. There would be a lot of coverage in the media too which could seriously discourage potential customers from choosing the banks which decided to renege on the tracker deal.
Banks need to think strategically and not just about existing customers!
Would you not be able to thake them to court if they did?
I currently owe approx €75k - I will switch to a variable or fixed rate if they take €30k off my capital
As another poster has just mentioned, those of us on trackers are at a disadvantage if we decide to move. I was thinking of self build or possibly buying in the next 3 or 4 yrs, but they surely would use this desire to get people out of their trackers?