Would like to move. Pros and Cons of losing a 0.5% tracker?

Bronte said:
2 things odd about the bidding war. No bids for 5 months and the house needs work. Wouldn't be many people who not only have mortgage approval but also have the cash for work.

But if this is in Dublin and it's a decent family home, well that's an actual market so it's entirely possible.
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I think realising people wanted the house pushed a couple of fence-sitters to go for it. It's not Dublin but very close & there is a severe shortage of good sized family homes in the market.
 
Belton said:
It depends on what the tracker mortgage monthly is, and what a new mortgage monthly payment. I've a three-bedroom house in Dublin with an ECB+0.5% mortgage rate; costs less than €875 per month. If I was to replace the mortgage with a going rate mortage I'd be paying about €400 per month more. And that's without even moving house. A trade up would cost even more again!
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That is very true. If we swopped our tracker mortgage to the cheapest SVR we could get with KBC, we'd add €310 a month just to borrow the exact same amount again. And then we have no idea where KBC could push those rates to.
Perhaps it's as well I can't find a house. It's saving me a fortune!
 
Butter said:
That is very true. If we swopped our tracker mortgage to the cheapest SVR we could get with KBC, we'd add €310 a month just to borrow the exact same amount again. And then we have no idea where KBC could push those rates to.
Perhaps it's as well I can't find a house. It's saving me a fortune!
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€310 additional per month!? You've already said you're relatively happy where you are. Stay put. Don't hand over hard earned money to the darn banks without a really compelling reason :)
 
bmm said:
Any deals being done with Danske since ?
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I'll leave it for others to answer. However, I would imagine it's highly unlikely.

Wait until they sell their mortgage book. Then take it up with the new owner. If they purchase at a significant discount, presumably it's still going to be good business for them to do a deal with tracker customers for either full payment of the mortgage or compensation in return for switching away from the tracker.

I'll certainly be giving it a go when that happens....although will only consider if the deal offered meets most of the actual value of the tracker. Otherwise, I'll keep paying it off on the drip until 2020 :)
 
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