Will I get a UB mortgage top-up if I move abraod?

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murphaph

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Hi all,
I'm considering topping up my mortgage (about 170k equity) with UB. If I move away however will they still let me do this? (I ask because their T&C's say credit will only be furnished to resdients of the RoI, however I thought as I already have a mortgage with them that it might be ok). Any ideas?
 
Re: Ulster Bank T&C's

As long as you're resident when applying for and drawing down the top up that's all that matters.
 
Re: Ulster Bank T&C's

So that's a no then? I may not be resident in Ireland when I want the top-up, but the house is still here for them to re-posess should I default. Is there any flexibilty in this type of thing? Say the house is worth 270k and I owe 100k and I wanted to borrow say 40k to extend the house (hopefully adding more in value).
 
To be honest, the bank will be relying on you to tell them that you're not resident. You already own the house, so I don't really think that this residency issue is going to be a problem. A broker or solicitor (I am neither) will give you a definitive answer. My own attitude would be to say nowt, but not to lie if asked a direct question.

Wrt to the amount you want to borrow and the purpose, again I'd say there will be no problem.
 
Check the terms & conditions of your existing mortgage to see if you are required to inform the lender of any significant change in personal circumstances (e.g. moving abroad, converting the property from your PPR to a rental property etc.) that might be relevant to this situation.
 
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