C
I was thinking of going interest only to overcome some temporary difficulties but am aware that the price of this will be for me to give up my tracker.I am aware also that compensation for me will be weighted in the banks favour. However if I need to do it I'd be better of to get some compensation rather than not. I had decided to try and muddle through a few more months rather than give up the tracker but news from the government expert group suggests banks will soon be unable to force people to give up trakers if they reshedule payments. Any idea as to when these suggestions from the expert group will be put into practice?
If the markets stay tight, and another country does a 'Greece', then sovereign debt margins will go up again, government borrowing costs will go up, and therefore bank borrowing costs will go up, which they will have to pass on to the customer. If you are on a tracker you are immune to this. If you are like the rest of us, prepare to be badly burned!
The IBA said it believes tracker customers would need a break-deal offer above 25pc (€75,000 on a €300,000 mortgage) to make it worth their while. He said that customers who dealt directly with the banks could have significant pressure brought to bear on them to change their terms.
"We are urging mortgage holders not to feel pressured into changing their loan terms or switching to another provider. People should see this as an opportunity to perhaps secure a better deal in the market," Mr Kinane said.
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