Danske Bank - no option to port tracker to a new home?

I

Irish angst

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Just wondering is anyone else in same position of not being able to avail of the same type of tracker movers on offer by most providers because their mortgages are in one the above 2 banks no longer operating in Ireland? I want to sell and move but stuck with no competitive alternatives to keep even part of my tracker as I will have no option but to switch to a new bank and thus variable/fixed loan only. This doesn't seem fair not to be able to avail of same range of tracker movers being offered to existing customers of all other banks. It must be stopping a lot of people from selling and moving and impacting on the market.
I did email the CB re same and was told my concerns would be sent to relevant section?
I did contact Pepper who administers Danske loans and no moves there to offer tracker mover switch for Danske. We are frozen out of the tracker mover options therefore.
 
Your complaint is essentially that you are not being offered a new loan on the terms that you want.

I'm sure all FTBs are similarly outraged that they are not being offered trackers.

It's just not fair...;)
 
Hi

No bank is under any obligation to vary the terms of their mortgage.

The trading banks are happy to do so as they keep their customers and probably lend them more money.

It's a bit unlucky, but it's certainly not unfair.

Nor is it unfair, that you have had 10 years of a dirt cheap mortgage while other borrowers were paying three and four times the rates you were paying.

There is no role here for the Central Bank and they should have replied to you immediately stating that.

Brendan
 
Before any harsh judgments abound, I am not arrogantly demanding a new tracker (which doesn't exist but would of course wish to retain at least part of my tracker). I am totally sympathetic to those paying high variable/fixed rates and agree with the push to redress that. However each person's circumstance is unique and no less relevant. Those of us who are lucky to be on trackers that enable us to pay lower interest rates are sometimes stuck with not being able to move from those particular banks. If I was with any other bank I could get an offer of maybe a split mortgage with x % tracker/ x % variable which would be an enabler to sell and move. So yes its unlucky and although I am lucky to have a tracker, I still can't afford to move which I want to do. There must be many people in the same situation who are excluded from those current mover partial retention tracker options. This also contributes to current property shortages and hence price hikes due to same also unless you can afford to let go the of tracker and switch to variable. Not all people on trackers are wealthy and life's circumstances change all the time. My point was that we are excluded from the range of offers others with the same trackers are getting because our banks left town so many of us may be stuck and unable to move due to cost. When I was a FTB I had an ordinary variable rate and did change to a tracker later on. We've all been in that FTB situation at some point. Issues are not black and white. If we had 30/40 year rental agreements, it might go a long way to resolving accommodation issues and reliance on buying property to live in in the first instance but instead we have a poorly controlled rental system that favours landlords and not tenants. Also I know re CB that banks can just make their own business decisions etc, but felt they needed to be aware anyway that as those banks left Ireland we are in this particular situation.
 
Hi Angst

I agree with everything you say, except that it is just unlucky, but not unfair in any way.

You can certainly notify the Central Bank, but they should not interfere.

Maybe the CB could encourage Danske to sell their mortgage book to one of the trading banks, who would then be delighted to give you a mover mortgage.

Brendan
 
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