AIB negative equity tracker mover product

Can anyone explain to me exactly how this product works? I think it might be the best option for my husband and I. Our situation is as follows.

Joint income of around €120,000 (one employee, one self employed) one child under 1.

Property 1: 2 bed apartment in Dublin City centre. Former PPR. AIB tracker (1.1+ECB) worth about €280,000. €380,000 outstanding. This is in my sole name. Monthly repayments €1,300. Monthly rent €1,600.

Property 2: current PPR. Two bed apartment north county Dublin. Worth €350,000 approx. Mortgage of €360,000 approx. monthly repayments €1,700. In husbands sole name. BOI standard variable. This would yield a rent of approximately €1,400 a month.

Property 3: 4 bed semi d in North county Dublin. Long term tenants paying €1,200 a month. Monthly repayments are €2,000. It's worth approximately €350,000 and there's €390,000 outstanding. BOI standard variable. This is in husbands sole name.

Interest and capital is being paid on all of the above.

We have approximately €45,000 in unsecured debt and we are paying this. We expect it all to be cleared in 2 years. Our joint income should increase to €190,000 next year.

We are currently very happy living where we are living but wish to have another child or possibly two more children soon enough. I am just trying to do some long term planning here as i'd imagine we'd have to move to a bigger place in 4 years time. Should we just keep going as we are and clear the debt and then start saving? Is a deposit required with the tracker mover product? Could my husband go on the new mortgage even though I'm the only one on the old current tracker? Would there be any advantage to selling any of the properties now (I.e. We could save more cash rather than using it to pay down negative equity) our long term tenants in the 4 bed house are moving out March 2016. Any insight would be great! Thanks oh P.S. Yes I know the obvious solution would be just to move into the 4 bed semi d and rent out our current home but we love the location we're in and the house, while isn't a million miles away, isn't in as nice a location. Our child will be starting school on 4 years time too and I would like her to go to school where we're living now.

As far as I am aware, negative equity tracker products are aimed at those in PPP wishing to move to larger (or smaller) family home, and won't be option for AIB BTL. PPP customers can retain the tracker portion at existing rate + 1% and borrow any new funds at prevailing rates up to max 175% loan to value. It allows those in negative equity to trade without losing (most of) the tracker benefit. It seems that property 3 is the least attractive rental option, so living there for a period and letting property 2 may allow time for capital appreciation to enable future sale of 3 to generate deposit to fund new home purchase in due course.

Oh thanks for your reply! I think I was editing my post when you were replying!(see my P.S.!) I really would prefer to stay in our current locality but I suppose if we have to move for long term benefits we would consider it.

P.S. I've just totted up the figures and we'd only be €200 better off a month if we moved into the house. Our location at present is far superior as the amenities are fantastic and the public transport links are great. This wouldn't be the case with the other location.

In that case you should probably sit tight for a year or so, improved property prices, paydown of unsecured debt, and improved income should enable more options in preferred location...200e won't compensate for all the positives of your current location it seems!