More lenders plan to phase out tracker mortgages

Several of the country’s main mortgage lenders will this week follow AIB in discouraging customers from taking out tracker mortgages by making them more expensive than traditional variable-rate home loans.

14th June, 2008

Several of the country’s main mortgage lenders will this week follow AIB in discouraging customers from taking out tracker mortgages by making them more expensive than traditional variable-rate home loans.

AIB became the first lender to begin phasing out tracker mortgages last week, with a substantial hike in rates applying to new mortgage business.

The bank’s tracker mortgage rate will increase to 5.5 per cent, 1.5 per cent over the ECB rate, for...

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