Requesting interest only on tracker - Wise?

[Gekko]

Hi Folks

Am I correct in my assumption that any bank operating in Ireland cannot take away someone's tracker mortgage if they request an interest only period as a result of short term financial difficulty?

Thanks.

 

[ClubMan]

As far as I know you are correct - see here:

http://keepingyourhome.ie/mortgage_debt.html.en

Lenders must not:


...

• Require a borrower to change from an existing tracker mortgage to another mortgage type, as part of an alternative arrangement offered to the borrower in arrears or pre-arrears.

 

[Gekko]

Thanks, Clubman.

The wording slightly concerns me though. I wonder could a bank keep a borrower on a tracker but increase the margin they charge?

 

[ClubMan]

Sorry - don't know offhand. That site or others dealing with the nuances of MARP may have mode info about these questions.

 

[Gekko]

Cheers.