Hello, I'm looking for some advice from the knowledgable folk here.
Here's our situation -
Tracker mortgage with Ulster Bank drawn down in 2005. Had the home revalued a couple of years later and secured a lower LTV - currently on a 0.5% interest rate.
We want to sell and move.
I enquired with UB last year about our options, and was told about a possible offer whereby UB would allow us take the tracker rate for what's owed on the current mortgage for 3 years. The remainer of what we borrow would be on a variable rate.
After the 3 years, the entire mortgage would revert to variable rate.
We did not go through the whole application process at that time but will be doing it very shortly.
As it stands now, we owe around 180K on the current mortgage. Three estate agents are confident we'd get around 235K for the property.
We are looking to borrow a new mortgage of around 250K.
In my limited research thus far, it appears to be fairly obvious that UB is the only lender who will offer us anything like the tracker set-up above.
Or am I missing something potentially better from another lender?
Here's our situation -
Tracker mortgage with Ulster Bank drawn down in 2005. Had the home revalued a couple of years later and secured a lower LTV - currently on a 0.5% interest rate.
We want to sell and move.
I enquired with UB last year about our options, and was told about a possible offer whereby UB would allow us take the tracker rate for what's owed on the current mortgage for 3 years. The remainer of what we borrow would be on a variable rate.
After the 3 years, the entire mortgage would revert to variable rate.
We did not go through the whole application process at that time but will be doing it very shortly.
As it stands now, we owe around 180K on the current mortgage. Three estate agents are confident we'd get around 235K for the property.
We are looking to borrow a new mortgage of around 250K.
In my limited research thus far, it appears to be fairly obvious that UB is the only lender who will offer us anything like the tracker set-up above.
Or am I missing something potentially better from another lender?
