Key Post Are lenders giving discounts for the early repayment of tracker mortgages?

This thread is not about people with credit cards getting them written off.

it's not about people in arrears with Standard Variable Rate mortgages getting debt forgiveness.

This is about people who are on cheap trackers getting discounts to pay them off early.

To the best of my knowledge, PTSB are the only one who had a formal scheme.

Bank of Scotland have invited people on cheap trackers to make an offer, but I don't know of any offer having been accepted.

AIB has flatly refused to do any deals for people with the money to repay their loans early.

To answer SeantheMan's question, someone with a cheap tracker who has no money could sell their house to avail of a discount.
 
Ulster announcement 28 03 2012

Will this announcement today ( UB keep tracker and move home SVR on balance )have any bearing on this discussion.
It seems that security can be replaced on a tracker which maybe of some assistance if a client is negotiating.
 
EBS settle trackers?

Anyone know what discount EBS might offer to settle a tracker? I see from earlier posts that they were not doing so, are they now and would the 20/25% discount being speculated about be about right?
 
Has anyone heard of BOI giving discounts to pay off a tracker early? Seems to be lots of posts about almost every other bank but nothing about BOI that I can see.
 
homeowner said:
Seems to be lots of posts about almost every other bank but nothing about BOI that I can see.
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There does? There doesn't seem to be any solid mention of this - aside from the ptsb deal last year - and a couple of exceptional cases with sub prime lenders ..and possibly bosi If I remember correctly?
 
EBS have not changed their position, I called them yesterday, no deals for paying off balance remaining if on tracker.
 
Status Update By Irish Homeowners Unite
IF YOUR MORTGAGE IS WITH IRISH LIFE AND PERMANENT (Irish Permanent Building Society) ... Ask them for the same deal as they gave to Dukedom Limited, a Dublin construction company where they agreed to discharge a debt of €453,598 for €100,000 in relation to a two house development in Foxrock, Dublin. (Irish Times 14/6/’12).

Fairness means equitable which mean same or similar for all.
 
For the record, I am on a tracker with NIB at ECB + 0.5%. €300k outstanding in the mortgage with ~20 years to go. I am not in arrears etc. I am in the fortunate position to be able to pay off the mortgage in its entirety. I asked NIB if there was any discount (i.e incentive) available to me to pay off this mortgage, and get me off their books. The answer was simple : "no, and not for the forseebale future". This is a similar response to other posters on this thread.
 
Squonk said:
The answer was simple : "no, and not for the forseebale future". This is a similar response to other posters on this thread.
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With same bank - and can P.I.F. if the incentive was there. However, I got the same response. If that remains the position, then my position remains the same i.e. I will continue on paying monthly payments for the next 26 years.
 
ditto !
(but I could be in trouble if I upgrade or downgrade house and need to pay off mortgage early...then NIB win!)
 
Yes, and I guess they know that a certain percentage will fall into this category. However, I would much sooner buy a second property than pay off the first - if they won't deal (some would see this as flawed logic - but I guess it depends on whether it suits an individuals purposes - and I think I can make that work - in the absence of any deal).
 
I assume it's ok to dig up an old(ish) key post.

I was just wondering if anyone has any updates on banks giving write downs on cheap trackers, especially BOSI?

Thanks
 
..also wondering about EBS settling outstanding mortgages with a discount if anyone has any thoughts on that?
 
I asked PTSB if they'd give us any discount if we paid €10k or €20k from our tracker (2.43%) and they said no...
 
I seem to remember that at one point UB were giving a 10% discount, but with a limit of €50k of your mortgage. Can't find any reference to this any more.

I see a lot of people posting the basic query here, but no hard evidence that banks ARE offering discounts. Pity, but I guess the accounting of the loss doesn't work for them.
 
I'm considering approaching Danske to see if I can appeal to their Nordic nature. My balance is currently circa €55k @ 1.5% with 7 years to go. Health issues mean early retirement with a small lump sum but sufficient to clear my balance. Alternative means possible difficulties for me with repayments and eventual default. I wonder will they dance??
 
I tried them a couple of times - but not recently. Please post back here with whatever outcome you get from approaching them.
 
No go there. Guess it's pay off the balance now to minimise weekly outgoings on pension.
 
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