Tracker Mortgage Holders Urged to Use Caution assessing - News

Tracker Mortgage Holders Urged to Use Caution assessing - News - Irish Mortgage

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Tracker mortgage holders are urged to assess any potential offers from their bank on possible mortgage buy-down schemes carefully.

“This is definitely a case of what is good for the bank may not be good for the mortgage holders” said Mr. Frank Conway, Director with MoneyCoach.ie.

Tracker mortgages gained popularity following the arrival of Bank of Scotland into the Irish market in the late 1990’s. Its launch into the Irish market was largely driven by an aggressive pricing policy which was underpinned with attractive tracker mortgage deals. Irish lenders, fearful of losing market share to the aggressive new entrant quickly followed its lead and introduced tracker deals of their own. At the height of the property boom, it was possible to get a tracker mortgage for less than one percent over the European Central Bank base rate of lending.

In late 2008, Irish banks began pulling tracker mortgages for new customers.

“I would encourage mortgage holders to assess the long-term value of accepting any offer from their bank which is designed to wean them off their tracker mortgage deal” said Mr. Conway.

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Irish Mortgage Corporation Limited trading as MoneyCoach, Irish Mortgage Corporation, Irish Pensions Corporation, Insuresave is regulated by the Central Bank of Ireland.
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