Paying off tracker mortgage of 145k with the EBS. We have savings of 100k.

N

nediaaa

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hi, We have a tracker mortgage of 145k with the EBS. We have savings of 100k.
We are wondering if we approached the bank to see would they write of the mortgage for 100K considering they are losing a shed load of money with the trackers and will be well into the future????
 
Not a chance! They might do some sort of deal but I cannot see them writing off 45k i.e. 31%.
 
i dont know. But-
55% of mortgages are tracker. These are loss making. Most of these were taken out in the last 7 years and therefore have 20 years approx left to run and will be loss making for that time.
no outside investors will buy these banks with these losses attached and will look for massive haircuts to these mortgages. One way or another the banks will have to accept less.
Am i wrong?
 
The bank should give you a discount, but in practice they are not doing so, on the grounds that many people with spare cash are paying off their mortgages early anyway.

You would do well to get 10% like the PTSB.

Brendan
 
Are you making more money on the interest than you are paying on the tracker?
 
I'm not sure either what to do with my mortgage either;I owe 20k,5yrs left,& savings of 80k.Pay it off or spend on an extension that will cost 30k as we need the space for our large family...or try and borrow cost and invest cash,but Lord only knows where.We both work as nurses(full and part time).Sorry if this might be wrong place for thread.
 
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