Will tracker mortgages be taxed at next budget

Inequitable or not, there would not be lot you would be able to do about it.
You seem to be taking the view that because something is possible for the Govt to do and because there is nothing that you as an individual can do to stop them, then that is what they will do - irrespective of whether it makes sense.

By the same token they could apply a tax on all blue cows, or half eaten donuts.

Can you explain the logic and practicality of removing TRS from 1 specific mortage product, which itself contains varying levels - from maybe 0.35% to 3.5%?
 
if you have an investment mortgage this would probably mean you would not be hit by removing TRS or am i getting this right.
 
What do mean by an "investment mortgage"?

If you mean a mortgage on an investment property then you will not be affected by any change to TRS - you have already been affected due to the 75% limit on claiming tax relief on the mortgage interest.
 
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