Leaving Tracker Mortgage - Moving house

[djsim]

Hi guys,

Meeting with my current mortgage provider on Thursday to discuss.

Basically, we are living in a semi detached on a tracker mortgage and would love to move to a quiter location this year, if possible.

Current tracker mortgage is 175K , with 20K paid of, living in house for 4 years.

Looking to get a similar mortgage, or possibly, even smaller.

Do you reckon the back will do a deal with me? I know its in there best interest to get me of the tracker mortgage. What should I be looking of them, if anything?

Thanks, as always, for your help,

 

[ClubMan]

Word from other threads seems to be that lenders are not doing deals to get people off trackers. But if you are going to talk to them about this then you need to crunch the numbers to see what sort of deal makes sense if you are going to take another mortgage that will almost certainly NOT be a tracker. I.e. what extra will it cost you for a non tracker €175K mortgage versus continuing with your existing tracker mortgage and how can you get the lender to reduce this additional cost for you assuming that they will countenance this at all.

 

[partnership]

Be very wary - I know a couple who wanted to downsize, were not in negative equity, he was in secure job and when they sold their house and looked for smaller mortgage bank would not give them the mortgage. Make sure that they will give you a mortgage before you sell your house.