NIB now withdrawing Tracker Mortgages

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twofor1

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According to RTE teletext page 136 Nib are withdrawing their tracker mortgages from close of business yesterday.

Existing customers will not be affected by the move, and they will honour approved applications.
 
Only Halifax , Bank of Scotland and Leeds BS still offering new trackers then.
Won't be long before they follow the rest of them.
 
Here is the official announcement

[broken link removed]

and here is the piece from today's Indo.

[broken link removed]

Also:
"EBS Building Society and its broker operation Haven withdrew their tracker mortgage offerings yesterday. AIB and Bank of Ireland withdrew theirs last Friday.
The last remaining lender to offer trackers, Halifax/Bank of Scotland (Ireland), said yesterday it was "reviewing its tracker products".
 
Am I right in saying that NIB's variable rate is not as competitive as other offerings (AIB and BOI) at 5.76%.

I see that they now have an "LTV Mortgage" instead of the LTV tracker.
It seems to be clouded in vagueness

It is described as:

First, we calculate your loan amount as a percentage of your current property value i.e. This is your loan to value (LTV).
Then we determine the applicable reference rate:

  • [*]For the LTV Fixed rate the reference rate is the National Irish Bank reference rate for 2, 3 or 5 year fixed plus a margin of 0.40% Then we combine the reference rate and your LTV to determine your unique rate.
Can anyone make sense of the above?


 
There's still this on the First Active Website:
[broken link removed]

Does this mean they are still offering tracker mortgages or have they just forgotten to remove the page from their website?! :confused:
 
Well I certainly couldn't so there are at least two of us in it Raven.

I gave NIB a buzz to discuss it with an adviser who told me they didn't know about the LTV mortgage described on the website but assured me that there will be new rates published on Monday.

From what I gathered they will still have a LTV tracker so the more of your home you own, the less you pay but the benchmark for this will be "another rate, not the ECB" (EURIBOR presumably).

So the smaller your LTV, the smaller the margin that will be added to the EURIBOR. Seems fair, at least you are still on a tracker.

As Euribor moves a lot more frequently than the ECB though it will interesting to see how/when they revalue the base rate.
 
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NorfBank said:
Well I certainly couldn't so there are at least two of us in it Raven.

I gave NIB a buzz to discuss it with an adviser who told me they didn't know about the LTV mortgage described on the website but assured me that there will be new rates published on Monday.

From what I gathered they will still have a LTV tracker so the more of your home you own, the less you pay but the benchmark for this will be "another rate, not the ECB" (EURIBOR presumably).

So the smaller your LTV, the smaller the margin that will be added to the EURIBOR. Seems fair, at least you are still on a tracker.

As Euribor moves a lot more frequently than the ECB though it will interesting to see how/when they revalue the base rate.
Click to expand...

Hmm, interesting, I wonder will we see EURIBOR trackers emerging.
I'd say not, as banks have probably copped on that if they have a serious need to increase margins, they can just bump up their variable rates at will.

Hopefully NIB will seize the opportunity to take it to their competition with some kind of EURIBOR tracker though.
 
NorfBank said:
Still on offer at the mighty Leeds Building Society.
ECB + 2.2% (bargain)
Click to expand...

So, just to be clear, aside from Leeds BS (that means Building Society - not the other one!) all the other banks have scrapped the tracker mortgages?
 
Got a letter today saying that the discount of 0.2% that was offered to U-First customers in Ulster Bank on tracker mortgages has now been withdrawn for new business. They're trying to claw back as much as possible it seems.
 
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