I understand that banks are very keen to get customers to move away from Tracker Mortgages, as they are the least profitable...
In the fortunate position that the mortgage balance is paid off but the lending agreement hasn't been closed off in anticipation of future borrowing & the bank still retain the deeds of the property, if a borrower was to borrow further money would the tracker rate of interest still apply?
Is the lending agreement still in place in this scenario?
Would be interested to know what others think...
Any advice appreciated
Thanks in advance