The number of discounted tracker mortgages on offer from Irish lenders has fallen by almost 50 per cent since last August.
The interest rate on a tracker mortgage is set at a fixed margin above the European Central Bank rate. A discounted tracker mortgage offers a temporarily lower rate for an initial period, typically a year.
According to figures from the Dublin-based Irish Mortgage Corporation, there are 14 discounted tracker mortgages available on the market, compared with 26 discounted tracker products last August.
Since the onset of the credit crunch last summer, banks have faced increased cost pressures, which resulted in cost-cutting and a move away from discounted tracker products. >>>>
Big drop in number of tracker mortgages on offer
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