Do Banks talk trackers to each other ?

M

mossfitzg1

Registered User
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I've got lots of useful info from this forum but have a seperate query someone may be able to help me with.

I have a tracker with UB, I let house out some time ago and didnt inform bank for fear of loosing tracker. I havent checked exact wording of my mortgage, its with my solicitor but basically I dont want to ask UB the question for fear of getting an answer I wont like !

I now have opportunity to own and move to my parents home if I build a granny flat extension.

I need about 100 k to do this and phone calls to various banks suggest I can qualify for this, (repayments of 600 p/m approx is the same as im paying in rent now), but obviously I need to put in written application to get definite approval.

My question is this - If I apply to say KCB for second mortgage of 100k will UB be made aware of this , and therefore raise the whole keeping / loosing tracker issue

Many Thanks as always to all who help out on this site

M
 
I don't think that any bank will give you a second mortgage on your existing property where UB has the first mortgage.

They won't give you a mortgage on your parent's house, although they might give your parents a mortgage.

Brendan
 
Sorry Brendan, I knew I would confuse everyone. The plan is I would use second mortgage to purchase my parents home from them, and then use funds to build extension. Parents House is worth 300 k approx and as I say loan needed is 100K. My query is, in processing my application would KCB contact UB ? If this is the case I may have no alternative but to sell the first home. If I do this UB will put me on a far less favorable tracker for 5 years before then moving me to variable rate.

Moss
 
I don't think that they would actually talk to UB.

Even if they did, I would be surprised if you lost your tracker. Check your mortgage deed to see if they specify this.

Brendan
 
No, extremely unlikely they would contact UB who wouldn't talk to them about it anyway if they did.
 
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