Tracker Mortgages

[PatriciaW]

My husband & I have been approved for a tracker mortgage with the AIB. We have not drawn down on this mortgage yet but hope to in the next 2 - 3 weeks.
I have just heard on the radio that from last friday, AIB are no longer offering tracker mortgages. Will we still get a tracker mortgage from the bank?

 

[NorfBank]

Do you have a loan offer or is it just at approval in principle stage?

 

[PatriciaW]

It's a loan offer

 

[NorfBank]

They are honouring tracker loan offers that are not yet drawdown.

 

[PatriciaW]

Brilliant, thanks for clearing that up for me!

 

[nacho_libre]

According to this report you should be okay.

http://www.independent.ie/business/...cker-mortgages-as-aib-pulls-plug-1496188.html

 

[eskei]

what if the legal work/ closing the deal gets delayed, and the cheque is not drawdown within the 3months, will the bank extend the loan offer with the tracker mortgage then?

 

[NorfBank]

Very unlikely.
They are losing a lot of money on trackers at the moment, banks just want them off their books ASAP.

 

[Gordanus]

Very unlikely.
They are losing a lot of money on trackers at the moment, banks just want them off their books ASAP.

Losing money? I thought they just weren't getting a large enough profit on them!