IBA warns homeowners not to surrender tracker mortgages

The Irish Brokers Association is today warning homeowners not to give up their tracker mortgages

Recent reports suggest some banks are offering up to €15,000 discount on mortgages in exchange for customers switching providers.

Such measures are being taken by banks to clean up their balance sheets and to offload such loans which are loss-making for the institutions.

Experts say it would only be worth switching if a discount of at least 25% of the principle amount of your mortgage was offered by banks.