Annemarie123
Registered User
- Messages
- 7
I had posted this info back in April.
I'm going to contact them today via the mortgage lad in my local branch and see if anything can be done.
I moved house 2 years ago and so am under the 5yr rule i.e. my tracker +1% will be gone in 3yrs.
For Irish rates to come to anywhere near european averages you would need to allow the banks repossess properties from non payers in the same way as the european countries that everyone compares rates with. In other words, the banks would be able to have repossession completed within 6-9 months of default - rather that the current 6-9 years and after several costly court cases that seems to operate in Ireland.Hi Delboy, I am in very same situation as you we moved 3 yrs ago and only have 2 yey left , so initially was delighted with the news however after all that's happened I don't trust the banks they give nothing away for free, I am playing devils advocate here but as the irish Banks have some of the highest variable rates in Europe and they are under pressure to bring them in line with other european countries could there be a situation where the variable rate is similar if not equal to the ECB rate and therefore we are losing out by then paying ECB /tracker rate plus 1% rather than just the variable rate.. just a thought as I said they give nothing away for free...
Confirmation received from BoI that when the current 5yr period is up, I'll receive a list of rate options. 1 of them will be to keep the tracker +1% for the remainder of the original term.
I'm off to The Shelbourne for lunch
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