Very doubtful. You are on a hundred grand a year and have significant savings. You are still able to pay the mortgages. No harm trying though.
Sorry for going off topic, but do you know why there is a such a difference in the rates you are being charged above ECB, i.e. +0.7% V's +1.5%?...I current have two tracker with them, 200K on + 0.7%- €730pm (C&I) and 230K on +1.5%- €535pm (IO) ...
That they would entertain the idea. Why should they write down debt that you are well able to pay. People are overestimating how desperate the banks are to get rid of trackers. They won't do it at any cost.
Sorry for going off topic, but do you know why there is a such a difference in the rates you are being charged above ECB, i.e. +0.7% V's +1.5%?
Unfortunately I don't know the answer to your question but if I was in your shoes I would ask BOS on the basis that they would most likely reduce their mortgages to Irish customers and they don't exactly love trackers.
Hi all
Has anyone approached Certus (BOS) about a write down for giving up their tracker?
I current have two tracker with them, 200K on + 0.7%- €730pm (C&I) and 230K on +1.5%- €535pm (IO)
Do you think they would entertain 300K in full payment?
If so do you think I could borrow 300K on 100K salaries, 30K saving and no other debt? BOI are doing 3.2% so would be circa €1,150 (C&I) over 30 years.
Thanks
Hi there,
Am curious as to how you got on with this? We have some money on deposit becoming unlocked in May and were thinking of paying off some of the 180k outstanding on a 2.5% ppr mortgage, did you enquire as to any deal for a lump sum payment?
Thanks in advance and apologies for dragging up an old thread, mods please delete if required.
Similar question asked today.
It's over a year since this has been discussed. I wonder if anything has changed? Apart from the obvious - that the interest rate has reduced by 0.5%
Hi TRS30,
Great idea with the letter, please make sure that you will be clear with all what you are interested in and if you have any offer for them, put that on it. Certus, can not make decisions for BOS clients as they are not a bank, however, once you will write to them, they will send you standard financial statement form with thier cover letter to review your income & expenses. After they got that from you, they will complete an internal form on your behalf with decline recommendation as per my understanding BOS (since they left) let certus manage thier books with repaying current loans, mortgages etc. If, you are in arrears, they might offer you a forbearance for few months. If, you want sell your house/s and get write off on the shortfall, you need to cover 60% of the outstanding balance. Anyway, write to them and be aware that they are not in position to make a decision for you, however they keep BOS (thier client) happy, if you know what I mean.
Certus are mostly interested in managing the {problem} accounts.Suugest get your query to BOS.
You need to number crunch the {cost} to them for the remaining term. Then crunch the {profit} to you . Then send a letter to them, tell them your figures and make them an offer. PS . Make sure their response is from someone with authority , not just a generic/junior response.
TRS30. I am in a very similar position to yourself. I owe BOSI just over €400k on ECB +0.75%. Like you I have been thinking about this without taking any action for too long.
My view on the numbers is, take BOSI cost of capital 4% at a guess (does anyone have any better suggestions), subtract the rate you are paying (ave 1.9% I calculate) Cost to them 2.1% of €435k is €9,135 per annum, the NPV of this at 5% is depends on how many years remain. For 20 years I calculate €113k.
That is the loss to them on the €430k over 20 years is worth €113k today. €430k - €113k is €317k. There would be no loss no gain for them to accept this figure, for an offer to be accepted you might have to leave them some "profit". I have no idea if they would accept an offer at this level. Or maybe they are desperate to get cash in and would accept a lower offer.
But don't forget if you just continue paying each month, this is the value to you of the cheap mortgage rate you have, don't give it away.
Please let me know how you get on. Feel free to pm me.
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