Bank offer to convert tracker to a standard variable-rate loan

"An acquaintance of mine with a €450,000 tracker mortgage with a foreign-owned bank was offered €100,000 to convert it into a standard variable-rate loan. That's the equivalent of a 22pc writedown."

Independent Article
http://www.independent.ie/business/...bn-problem-and-not-a-euro6bn-one-2866134.html


Anyone try to negotiate with lender on above offer or similar ?

sullyman said:

"An acquaintance of mine with a €450,000 tracker mortgage with a foreign-owned bank was offered €100,000 to convert it into a standard variable-rate loan. That's the equivalent of a 22pc writedown."

Independent Article
http://www.independent.ie/business/...bn-problem-and-not-a-euro6bn-one-2866134.html


Anyone try to negotiate with lender on above offer or similar ?

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If its not Halifax/BoSI, then I'd eat my hat. No other foreign-owned bank would offer such a deal. BoSI has exited the market and is aggressively trying to wind down its book through any and all means. the likes of Ulster Bank - while also partly state owned does not have the same degree of exposure to Trackers as BoSI. KBC and NIB both have strong balance sheets in their parents that can absorb the funding of trackers. So if you are a Halifax customer go for it, and with one of the others then just dream on.