My wife and I are in the enviable position of having come in to some money. We currently live in an apartment which has a tracker mortgage with BoI.
So the tracker mortgage is 'cheap money' but may not always be. Also, we are paying interest on the money that we don't have to as we can now afford to buy it out.
My question is this: when discussing with the bank, should I ask them to do me a deal on the tracker?
Bearing in mind that they would love to get rid of the trackers on their books and I'm in no hurry to do anything, should I propose that I pay 90% and they write the rest off?
Thoughts?
So the tracker mortgage is 'cheap money' but may not always be. Also, we are paying interest on the money that we don't have to as we can now afford to buy it out.
My question is this: when discussing with the bank, should I ask them to do me a deal on the tracker?
Bearing in mind that they would love to get rid of the trackers on their books and I'm in no hurry to do anything, should I propose that I pay 90% and they write the rest off?
Thoughts?