Should Tracker Mortgages be Taxed ?

What is the definition of a Tracker - after all, don't SVR rates use a rate (or added-to) which the lender has calculated based on tracking the market?

so-crates said:

Have you seen Willie O'Dea's latest brainwave, Purple? Tacked on as an afterthought to a report about him suggesting a change of legislation to force companies to fund deficits in defined benefit schemes they are closing, he is asking the Pensions Authority to "investigate the prospect of setting up a central fund, via a levy on pension funds, to help top up pensions in cases of company insolvency" ... so basically get DC contributors to pay for deficits in DB pensions

http://www.independent.ie/business/...tighten-law-on-company-pensions-35376603.html

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We already do that for the Public Sector. It's called general taxation. Why not just get us to pay for the rest of it as well?

Sarenco said:

I think we should definitely impose an additional tax on anybody that enters into (what turns out to be) a good bargain. Why should they get all the breaks?

Good judgment should definitely be heavily taxed.

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Brilliant!

Reminds me of when I joined my golf club a few years ago and a member was giving out yards about how much he had to pay to join compared to what I had to pay. I was so close to saying "Ah that's terrible. Who forced you to pay that?"

Bronte said:

Gerard did you really have that conversation with your neighbour. It's brilliant.

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I did. Not happy to get a big discount they also felt aggrieved and shortchanged not having a tracker.

Don't understand taxing trackers , took out a mortgage 2004 not in negative equity and on tracker rate.
One thing I don't understand is the TRS ( tax relief on the interest ) I'm not sure why I and others should be entitled to this I don't need it and I understand it's only for mortgages which where taken out during a certain period . It's unfair and I'd be annoyed if I had a mortgage and was not receiving it while others are .

Couldn't agree more Fella - TRS should have been phased out years ago. It's a complete waste of taxpayers' money.

The really mad thing is the extension of TRS beyond 2017 for those that drew down mortgages between 2004-2012 was one of the key issues that FF insisted on in negotiating the supply and confidence agreement with FG.

Go figure.

Definitely agreed on that. I saw that "policy" on the FF literature before the election and it sounded daft then. I "benefit" from it as I took out a mortgage in 2005 but at what cost? The benefit to me at this stage is marginal - it was a fatuous exercise in looking like they had the best interest of the poor people in negative equity at heart I was most annoyed to find that it made it's way into the programme for government. I can think of far more important issues than lobbing a few quid towards people 8-12 years into a mortgage.