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Thread: Tracker mortgages moving towards 0% interest rates

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    Politics.ie Member paulp's Avatar
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    Default Tracker mortgages moving towards 0% interest rates

    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
    There is no Keyser Soze

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    Politics.ie Member mr. jings's Avatar
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    I won't hold my breath waiting for EBS to pass anything on to my variable...

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    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.

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    Politics.ie Member Franzoni's Avatar
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    Quote Originally Posted by mr. jings View Post
    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
    What the imagination can't conjure, reality delivers with a shrug

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    Politics.ie Member firefly123's Avatar
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    Quote Originally Posted by IbrahaimMohamad View Post
    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.
    Life is hard
    That's why no-one survives

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    Politics.ie Member paulp's Avatar
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    Quote Originally Posted by Franzoni View Post
    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?
    There is no Keyser Soze

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    Politics.ie Member Franzoni's Avatar
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    Quote Originally Posted by paulp View Post
    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.......
    What the imagination can't conjure, reality delivers with a shrug

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    Quote Originally Posted by paulp View Post
    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.

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    Politics.ie Member Howya's Avatar
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    Quote Originally Posted by paulp View Post
    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.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Politics.ie Member hammer's Avatar
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    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.

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