Ask Ulster Bank for a discount to redeem mortgage

[Brendan Burgess]

Thanks for that. Completely missed it.

I have always argued that buying the tracker book at a small discount would be a great buy.

Brendan

 

[Donaoib]

Ok thanks.

 

[Gordon Gekko]

With interest rates where they are, it’s likely that a bank would settle a €200,000 mortgage for €210,000

 

[lowspender]

In 2010 Nationwide gave me 8% discount but it was not fixed rate.

 

[skrooge]

In 2010 Nationwide gave me 8% discount but it was not fixed rate.

No one is arguing that this didn't happen but the conditions for banks were very different back then. Banks back then were reliant on market funding - the cost of which went through the roof. Your mortgage was costing them money.

INBS was such a basket case even the crazy Icelandic banks walked away from buying it. There is a very good reason that building society is no more.

As a simple rule of thumb, based on banks current funding, if you can deposit money with your mortgage lender at a higher rate than your mortgage rate you might be able to argue for a discount. If not no chance. If your mortgage lender doesn't offer deposits then your loans probably been sold at such a discount that even at low tracker rates you're making them a healthy return. I.e., they don't need to entertain offering a discount.