Hi there. I'm trying to weigh up my options. We are renting a few years since we relocated for work. We have two kids now and need to buy a house. I have a tracker mortgage on a house elsewhere which I am renting out. There is 150000 odd left on it. Tracker. It is with Boi. If I sold the house (I'd make a serious loss) would I be able to transfer the tracker towards a new mortgage? I'm fully tax compliant but haven't told the bank I'm renting out the house. Thanks
Can I take my tracker with me if I move?
- Thread starter Detoxkid
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Brendan Burgess
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Yes, but only for 5 years and they will add 1% to the rate you are paying.
If your finances allow it, you might be better off holding on to your home and buying another house with a mortgage from a lender who is cheaper than Bank of Ireland. Check out this thread:
Should I transfer my BoI tracker to my new home, or keep it for a while?
You should provide all the details and you might get some more ideas.
current value of home
Tracker rate
likely cost of new home
Cash and other savings available
Salaries
If your finances allow it, you might be better off holding on to your home and buying another house with a mortgage from a lender who is cheaper than Bank of Ireland. Check out this thread:
Should I transfer my BoI tracker to my new home, or keep it for a while?
You should provide all the details and you might get some more ideas.
current value of home
Tracker rate
likely cost of new home
Cash and other savings available
Salaries