Bank of Ireland considers extending 5 year trackers

Bank of Ireland looking at new form of tracker loan for customers who move home

Bank of Ireland is considering allowing customers who bring tracker mortgages with them when they move home to retain the low interest loans for a longer period. 

The bank currently has a product which allows home owners keep their tracker loans for five years after buying a new property. 
 

RTÉ News has learned the bank is planning to announce in the coming months that homeowners will be able to retain the tracker for the life time of the loan instead of losing it after five years. 

This would be good news for borrowers who are currently availing of the "Starter (5 year) Tracker for Mover" product. 

They had faced the prospect of losing their trackers and paying higher rates of interest. 
A spokesperson for the bank declined to comment. 

The product currently allows somebody on a tracker loan who wants to move home but is afraid of losing their low interest loan retain a tracker at an interest rate of 1% above the current tracker rate.