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Tracker mortgages moving towards 0% interest rates


paulp

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Joined
May 5, 2007
Messages
7,324
There is more and more discussion going on about possibility of ECB rate being reduced below 0%.
If for example, ECB actually took the very radical step to go to say -0.5%, you would have some trackers on 0%, with majority around the 0.5% range.

ECB needs to come to euro zone rescue again - OECD - RTÉ News

Predicting an economic contraction of 0.6% in the euro zone's economic output this year, the OECD said the ECB should also consider cutting its deposit rate below zero because interest rates are already at a record low.
One thing I can't understand is why banks are offering actual incentives to mortgage holders to over pay their mortgage, maybe this will trigger some action from them
 

mr. jings

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Joined
Mar 31, 2008
Messages
8,095
I won't hold my breath waiting for EBS to pass anything on to my variable...
 

IbrahaimMohamad

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Joined
Feb 5, 2013
Messages
4,226
I just do not understand why so many people did not get a Tracker mortgage when they were available.

I know some people who were happy to take any loan going.
 

Franzoni

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Joined
Mar 3, 2010
Messages
16,469
I won't hold my breath waiting for EBS to pass anything on to my variable...
The banks will try to squeeze people like you and me even more to cover their losses and exacerbate the situation in the economy.....

Seems to me that FG won't apply the brakes to these scumbags and won't be happy until they put the whole thing over the cliff
 

firefly123

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Joined
Dec 8, 2009
Messages
28,155
I just do not understand why so many people did not get a Tracker mortgage when they were available.

I know some people who were happy to take any loan going.
If your loan was more than 90% of the property value or if your term was over a long time (40 years). That's what I was told. In saying that at one point I'd say you'd have got a tracker if you had a heartbeat.
 

paulp

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Joined
May 5, 2007
Messages
7,324
The banks will try to squeeze people like you and me even more to cover their losses and exacerbate the situation in the economy.....

Seems to me that FG won't apply the brakes to these scumbags and won't be happy until they put the whole thing over the cliff
Applying the brakes means either
A. More taxpayer funds required by the banks
B. Break the contracts of the tracker holders

Which option do you advocate?
 

Franzoni

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Joined
Mar 3, 2010
Messages
16,469
Applying the brakes means either
A. More taxpayer funds required by the banks
B. Break the contracts of the tracker holders

Which option do you advocate?


A/...No more taxpayers money to bail out banksters,spivs and carpetbaggers...let them go bang as per the usual rules of any other company who can't operate within their means...trigger a crisis and then you will see action within the EU.....


B/ People on trackers probably will find that's exactly will happen if the banks find themselves with their backs to a wall.......
 

Marvar88

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Joined
Dec 13, 2010
Messages
2,926
Applying the brakes means either
A. More taxpayer funds required by the banks
B. Break the contracts of the tracker holders

Which option do you advocate?
Listen he hasn't the brains for a proper discussion.

He's into populist soundbites and is prone to contradicting himself in the same post.

You shouldn't engage with such imbeciles.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
There is more and more discussion going on about possibility of ECB rate being reduced below 0%.
If for example, ECB actually took the very radical step to go to say -0.5%, you would have some trackers on 0%, with majority around the 0.5% range.

ECB needs to come to euro zone rescue again - OECD - RTÉ News



One thing I can't understand is why banks are offering actual incentives to mortgage holders to over pay their mortgage, maybe this will trigger some action from them
If a bank is offering an incentive to overpay the mortgage, then it is a calculation on the part of the bank that the cost of the incentive is less than the cost of the bank's funding costs supporting the mortgage loan book. If you have the cash (and not many people do) then you have a strong hand to negotiate.
 

hammer

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Joined
Jul 6, 2009
Messages
58,514
1.1% :)

Everything I pay too the banks is practically going against CAPITAL.

Happy Days.

We`ll be out of this mess in no time.
 

Kerrygold

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Joined
Jan 31, 2005
Messages
4,748
A/...No more taxpayers money to bail out banksters,spivs and carpetbaggers...let them go bang as per the usual rules of any other company who can't operate within their means...trigger a crisis and then you will see action within the EU.....


B/ People on trackers probably will find that's exactly will happen if the banks find themselves with their backs to a wall.......
How? That would be breaking their side of the contract.
 

Franzoni

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Joined
Mar 3, 2010
Messages
16,469
How? That would be breaking their side of the contract.
With what we have seen with the banks thus far and the sh1te the EU tried to pull in Cyprus would it surprise you..?

Haven't they already started something similar in the UK with some trackers...?

If the start upping the variable to anything approaching 1980's levels to offset losses on trackers you will see mass repossessions and civil disorder
 

Dan_Murphy

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Joined
Feb 22, 2010
Messages
3,811
With what we have seen with the banks thus far and the sh1te the EU tried to pull in Cyprus would it surprise you..?

Haven't they already started something similar in the UK with some trackers...?

If the start upping the variable to anything approaching 1980's levels to offset losses on trackers you will see mass repossessions and civil disorder
What were they like in the 80's? My parents have told me horror stories of their mortgage hitting 18% at one stage in the early 90's.
 

Franzoni

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Joined
Mar 3, 2010
Messages
16,469
What were they like in the 80's? My parents have told me horror stories of their mortgage hitting 18% at one stage in the early 90's.

Don't remember 18% but i remember people i worked with handing back the keys at 14%

People didn't have the same level of CC and other household debts though
 

Aristodemus

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Joined
Oct 8, 2009
Messages
3,741
I am paying 1.35%. They would have to offer a serious discount to get me off it
 

paulp

Well-known member
Joined
May 5, 2007
Messages
7,324
Listen he hasn't the brains for a proper discussion.

He's into populist soundbites and is prone to contradicting himself in the same post.

You shouldn't engage with such imbeciles.
Every 0.25% cut saves a tracker holder in the region of 25-30 Euro per month (average, depends on size of course)

so 1.5% cut of last while would mean 150 per month reduction.
If banks offered a 10% bonus on overpayment, ie. get 165 for 150 paid, I'm sure there are plenty of people on trackers who would avail of this.
It also would give tracker holder some insulation from when rates start to rise again and get more cash into the banks, which is what the banks want.
 

DuineEile

Well-known member
Joined
Aug 29, 2010
Messages
14,939
1.1% :)

Everything I pay too the banks is practically going against CAPITAL.

Happy Days.

We`ll be out of this mess in no time.
If you bought at the top of the market then you be be back to square one in 15 -20 years times, and can start paying for something of value from that point on.


D
 

mctree

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Joined
Mar 15, 2012
Messages
971
The banks should claim inability to pay and do away with the trackers
 
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