Will Bank of Ireland give a discount for early repayment of Tracker Mortgage?

Discussion in 'Issues with tracker mortgages' started by Slash, Mar 8, 2017.

  1. Slash

    Slash Frequent Poster

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    This may have been asked already.

    We have a Tracker Mortgage with BoI with a fairly low balance. I was thinking of approaching BoI with an offer of about 70% of the balance hoping they may be willing to write off the rest.

    Is that just an urban myth? Are BoI actually willing to do deals?

    Thanks.
     
  2. tallpaul

    tallpaul Frequent Poster

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    Urban myth. What's in it for BOI?? You making an offer clearly signals that you have the money to continue servicing the existing loan. Why would they cut it early?
     
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  3. deanpark

    deanpark Registered User

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    They have a reputation for no write offs. Richie Boucher, their CEO, not renowned for his willingness to be flexible with customers.
     
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  4. Brendan Burgess

    Brendan Burgess Founder

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    32,804
    Performing tracker mortgages are profitable for Bank of Ireland. Their cost of funds is probably around 0.5% by now.

    And they have a surplus of funds.

    So they would not do a deal.

    Brendan
     
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  5. Ravima

    Ravima Frequent Poster

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    I fear this is an urban myth and that NONE of the Irish banks are doing writeoffs. PTSB did have a scheme some time ago where they gave a 10% bonus writeoff on top of any lump sum payment you made to bring down Principlal - is pay off €5K and they credited you an extra €500.
     
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  6. Slash

    Slash Frequent Poster

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    324
    Thanks for all the replies.