‘Get 25% off mortgage before giving up your tracker’

Homeowners with tracker mortgages should not switch to standard variable rates unless they secure a 25% writedown on their loans.

Analysis carried out by the Irish Brokers Association, has concluded that tracker mortgages are now valuable commodities and shouldn’t be changed unless banks offer a significant financial incentive to switch.

More than half of residential mortgages and 70% of buy to let mortgages issued by the guaranteed banks are trackers.