ECB tracker mortgages withdrawn by NIB (National Irish Bank)

As banks change tracker mortgage rates in the UK it’s no different in Ireland as National Irish bank (NIB) have now announced that they are withdrawing its rate of ECB Tracker-based mortgage deals, this includes the popular LTV (loan to value) Tracker Mortgage.

National Irish Bank said this morning in a statement that the decision had been “under review for some time and reflected the increased costs associated with these products.”

If you already have had an application approved under the existing rates or if you are already an existing tracker rate mortgage customer then you will not be affected by the ECB Tracker withdrawals. However if you are a new customer you will have to take advantage of either NIB’s fixed rate mortgage offers or the banks standard variable rate (SVR) mortgages.

Source: irishtimes