Danske Bank/NIB to close down - hold onto your tracker

Hello,

Does anyone know if Danske were previously the only debt provider, or one of a syndicate of Banks ? ... just wondering how much in percentage terms, they actually wrote off.

Thanks
 
Has anyone heard anything on this since?

I've a ECB+0.5 with about 15 years left but intend to move house in next six months. I presume when I sell this house and move I'll lose my tracker. Therefore the chance to pay off mortgage with discount would be great for me.
 
I have nearly 240k left on my LTV tracker with Danske (serious negative equity as well). With last weeks confusion about Danske closing accounts, I transferred pretty much all of my life's savings - around 80k - out of Danske to Ulster Bank. It's now sitting there earning me 0 interest.

I am wondering what should I do with the 80k - should I put it into some sort of savings products from Ulster Bank (really poor interest rates), or should I hold on to that cash just in case Danske were to make some sort of offer on the mortgage? I am rather clueless about managing my finances - all I know about money is what my dad would have told me back in the day - which is to spend as little as possible.
 
exDanske said:
I am wondering what should I do with the 80k - should I put it into some sort of savings products from Ulster Bank (really poor interest rates), or should I hold on to that cash just in case Danske were to make some sort of offer on the mortgage? I am rather clueless about managing my finances - all I know about money is what my dad would have told me back in the day - which is to spend as little as possible.
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Check out CiaranT's best buys in the savings/deposits section of the board. If you think that a deal is likely, then you can go for a shorter term savings product.
 
Does anyone know what the position with the custody accounts set up in lieu off the current and are they still
Setting them up
Currently awaiting a reply from them
 
Hi, I don't have a tracker but do have a variable mortgage with Danske with less than €20k left. Good in one sense but I have no savings and quite a lot of college related outgoings.

I was wondering if anyone with mortgages have heard anything from Danske? I would be interested in clearing the mortgage if I got a reduction on the principal (will still need to borrow to fund that as generally any spare cash I have had over the years has gone to mortgage).

How much would it cost for Danske to transfer a mortgage of €17k with 2 years left to another institution? Surely there is a point at which it is better to cut their losses with a borrower rather than incur the costs of transferring deeds etc.

Any experiences or comments would be most welcome.
 
Ag123 said:
How much would it cost for Danske to transfer a mortgage of €17k with 2 years left to another institution? Surely there is a point at which it is better to cut their losses with a borrower rather than incur the costs of transferring deeds etc.
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The legal costs for a randomer on the street to move to another institution would be a little below €1,000. The legal cost for Danske to transfer a book of a few thousand such mortgages would be significantly less.

In addition, the likes of KBC offer €1,000 towards legal fees when remortgaging to them - so chances are that another institution would assist, to a lesser extent, with the legal fees in transferring such mortgages to them.

The chances of Danske offering to write off a mortgage of even €5,000 are slim-to-none.
 
Thanks for that.

Good point on the fact that they would be transferring a few thousand mortgages. Does this mean that we have no say on what institution the mortgage will transfer to?

I suppose this is what they are working on and possibly why there is a delay in communicating.
 
@Ag123: That's just total speculation. We will have to wait and see. It may be that they do nothing at all. Even if they sell mortgage book to another institution, there is no guarantee that they will then offer some form of deal...they may or may not.

We'll have to sit tight and wait and see :)
 
I know it is speculation, but could Danske pull a fast one on trackers once they are out of Ireland?
Would they have to still use the ECB rate as a reference point? I assume their headquarters are in Denmark, which is not in the eurozone.
 
Just reading through the info that I got in relation to closing my current account. My mortgage account will remain for time being. It states in the booklet that the terms and conditions of the mortgage hasn't changed. Ok fine but one of the stipulations on getting the tracker rate I got was to open a current account, pay in my wages to it and service the mortgage from that account. Now they are terminating the current account.
Am I right in thinking that I need to write to them and get confirmation in writing, that if I change where the money is coming from ie different current account in another bank ( because they are termination my current account), that I won't be in breach of the mortgage terms and conditions and thus risk losing my tracker?
 
I need to setup a new feeder/service account for my Danske mortgage. Will Aib OR boi let me setup a service account without fees etc.?
 
This is what id be worrying about. Get out of ireland after wrecking the economy along with others and the n look at revaluation fot the ltv rate
They definitely not most honest and forcoming bank
 
MrEarl said:
Hello,

While I have yet to make my own arrangements, the PTSB appear to be offering a free current account (subject to terms) which might suit your needs.

See: https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/#
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i will only be lodging 800 per month to this feeder account per month so PTSB wud charge me 48 euro per year for the privilige. Maybe i should look towards Credit Unions but it is very difficult to figure out whether a particular credit union has online facilities or will receive direct debits mandate from a bank etc. :confused:
 
bmm said:
Maybe i should look towards Credit Unions but it is very difficult to figure out whether a particular credit union has online facilities or will receive direct debits mandate from a bank etc. :confused:
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Ah come on, if it's not on their website, then it is just a phone call to the 2 or 3 CUs that you qualify to join.
 
Notoriously known to be a hoarder but have searched high and low today amongst my documents and cannot find a copy of the terms and conditions of my tracker mortgage.
Took it out in May 2007. It's the one that was 0.5% above ECB rate. House had to be 50% LTV - which it was at the time. And you had to open the 24/7 account to feed in wages and feed to mortgage.
If any of you had a copy that you would be willing to scan and email to me - take out your own personal details - would you PM me please.
 
Received the letter this week - any views on the fact that Danske is requiring a direct debit authority for mortgage payments now, whereas the servicing/current a/c which was used for mortgages previously was fed by a standing order/push arrangement? The point being that direct debit does reduce your own autonomy (I am aware of the protection mechanisms) and there may be limited, if any, potential to over-pay mortgage (if one were so lucky as to have spare cash) once the new arrangements come into play.
 
I wonder what would happen if I told Danske that I was not signing the DD mandate but that I was changing my SO from my Ulsterbank Current Account to pay directly into my Danske Mortgage account instead of my Danske Current Account. I just don't like them tinkering around with my Tracker and I take Orga's point about losing autonomy.
 
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