I doubt anyone thought back in 2004 that negative rates were in the possible universe of outcomes.
If its a tracker, then there is simply no option for them but to apply the rate depicted in the contract. And if you don't have your mortgage contract, you could ask your solicitor who handled the purchase for a copy.If this goes ahead, would Pepper Group who have taken over Danske Bank Mortgages be obliged to pass on the rate cut? They are still not producing statements despite requests so it is a guessing game as to whether or not they are applying the correct interest rate as it is.
I'm trying to calculate how much BOI are losing on my tracker mortgage (ECB + 1.1%). Received the 35 year loan in March 2008. Euro 271k loan. Euro 200k outstanding. Current house value approx Euro 225k. I've leased it for 10 years.
If I was able to calculate that the bank stands to lose ~$40k (example) over the next 10 years assuming ECB rates stay below 1%, I'd propose for a ~$25k discount if I repay in a lump sum.
Thoughts on how to model this calculation.
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