# Re-scheduling tracker mortgage, can bank take you off tracker?



## honestinjun (7 Jul 2011)

Does anybody know whether the bank can take you off tracker if you seek to re-schedule your mortgage payments? Have tracker with Ulster Bank and coming off interest only in September. Want to arrange reduced payments if possible but keen to hang on to tracker mortgage. I heard the Money Doctor on the radio suggesting that banks are telling people they can remain on interest only if they agree to pay an extra 1% interest. Anyone know more about how tracker affected by failure to keep to original schedule?


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## 44brendan (7 Jul 2011)

See below the agreement made by Banks for dealing with mortgage arrears. This specifically forbids the Bank to make any alteration to a tracker mortgage agreement where a rescheduled repayment is approved.

the CCMA will now apply to borrowers who notify their lender that they are facing financial difficulties and may be at risk of mortgage arrears i.e. pre-arrears cases; 
lenders must establish a Mortgage Arrears Resolution Process (MARP) and use this framework when dealing with arrears and pre-arrears customers; 
lenders must ensure that communications with borrowers are presented in a clear and consumer-friendly manner and must make available to borrowers an information booklet which provides details on the MARP; 
lenders cannot initiate more than three unsolicited communications with a borrower, by whatever means, in a calendar month other than correspondence required by the CCMA or other regulatory requirements; 
a lender must not require a borrower to change from an existing tracker mortgage to another mortgage type, as part of an alternative arrangement offered to the borrower in arrears or pre-arrears; 
lenders are required to set up an Arrears Support Unit (ASU) to assess arrears and pre-arrears cases; 
borrowers can now make an appeal in relation to the decision of the ASU and the lender’s treatment of the borrower’s case under the MARP process, to an internal Appeals Board which lenders are required to establish; 
the complaints process under the Consumer Protection Code is replaced with an Appeals process under the CCMA; and 
when a lender is determining the 12 month period it must wait before applying to the courts to commence legal action, it must exclude any time period during which a borrower is complying with the terms of an alternative repayment arrangement, making an appeal to the internal appeals Board or making a complaint to the FSO under the CCMA


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## kickstart (7 Jul 2011)

You should be able to hold on to your tracker if it's for your primary residence. If it's for an investment property, the CCMA doesn't apply, and you'll have to negotiate with the bank.


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## Roisinb (18 Jul 2011)

*Buy out after marrage break up tracker mortgage?*

The Tracker mortgage is in both names, if I buy out, do I lose the Tracker Mortgage?


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