Top up mortgage these days?

F

fatboyPee

Registered User
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39
Hi,

Purely off-the-wall idea and I don't 'need' to do it, but wondering what people's opinions are on topping up a €220k tracker mortgage by, say, €60k in this financial melt-down time?

Is it even possible?
Will I blow my tracker if I do do it ?

In the good-aul times the house was valued at €650k, these days, even if it sold it wouldn't make €400, but still equity somewhere in it...

Thanks for reading..

FBP.
 
have recently got a top up for the exact same amount as i have a tracker, trackers are gone,your 60000 will be at a standard variable or fixed rate as you choose, but the banks have gone very fussy, everything to dublin, all i been dotted and t's crossed,may take up to 3months for approval
 
Suppose it is possible, probably only if it was for an extension etc... can't imagine banks allowing it for needless overspending! Oh and having the income to match the request
Read somewhere else where the top up was done on a variable rate and tracker left alone on the main amount
 
Thanks for the replies.. Guess they'd get me on the reason for the top up, its not essential (old cottage I want to rebuild on the site).

Thanks

FBP.
 
fatboyPee said:
Thanks for the replies.. Guess they'd get me on the reason for the top up, its not essential (old cottage I want to rebuild on the site).

Thanks

FBP.
Click to expand...

You might have a chance, this wouldn't be classed as frivolous spending (e.g new car, wedding etc). If your salary is strong enough and the rebuild will add value to the property then you have a chance. Give your bank a quick buzz, if you don't ask...


www.moneybackmortgages.ie
 
Someone known to our family claimed that they have (in very recent weeks) managed to secure an extension to their existing mortgage with a view to purchase a site approx 100k (subject to planning permission) on tracker terms.
They would be building a new house and putting their existing house on the market. As far as I am aware they are approx 8-9 yrs in their existing house and kept up their mortgage payments but not accelerated any payments (25yr mortgage). Their existing loan was taken out when house prices in West of Ireland were a good deal more reasonable.

I cannot be 100% sure that they got an extension on tracker terms.
I was sceptical. I didn't want to quiz them.
Is this surprising to anyone ?

I would have thought that the banks would want to use any excuse to force a lender out of tracker mortgage and into standard variable.

-ip
 
top up

Who is the lender? One explanation is that top up was done on old First Active Offset Mortgage, these are basically trackers and any additional funds are at the same rate of 1.15% over ECB. Mind you I imagine bank will do their best not to advance extra money on these types of mortgage and I would think home improvements would be only acceptable reason.
 
The lender in question is AIB.

Personally I think the person is spoofing on the fact that the bank allowed them ECB tracker rate on the extension to the loan.
I suspect they were just saving face or else the person who relayed the story to me was unreliable.

I heard the story second hand from someone who I've come to realise is in denial about the level of crisis within the banks and the tightness of credit.
I really think the story doesn't have a lot of credibility.
 
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