Trading down & BOSI

Hi,

Am looking at the idea of trading down, moving from town to country.

Have a tracker with BOSI. Rough estimates:

Current home proceeds €230,000

O/s Mortgage €200,000

Surplus on sale €30,000

New home cost €165,000

New mortgage €135,000

Due to an investment property I own, It's unlikely any other institution will give me a mortgage.

BOSI will throw me off the tracker onto SVR (presumably).

Really wondering are they open to such transactions, don't really see why not as they are ditching a 200k tracker in favour of a much smaller but profitable SVR loan?

Bank of Scotland are trying to wind down their mortgage book as quickly as possible.

The only option open to you is to sell your home and repay the mortgage. They won't give you an SVR on a new home.

You should probably rent your home and hope that BoSI introduces an incentive for people to pay off trackers early.

Brendan