Advice trying to switch with one tracker and one variable rate mortgage from BoI

mindlessmax

Registered User
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Hi all

I have a historic tracker mortgage of about EUR290k with BoI which, when I moved house 2 years ago they increased the rate by 1% on. It's still a very low rate of 1.9% and I'd obviously like to keep it.

I also have a second mortgage of about EUR250k with BoI on the same property, which was the increased amount I needed to buy the new house I am now living in.

I am coming to the end of the 2 year fixed rate with BoI and they sent me a letter saying they are transferring my non-tracker mortgage to their standard variable rate.

What I'd like to know is, is it possible for me to switch the non-tracker mortgage to a new bank and get the switching bonus, favourable rate, etc., or will either BoI or the new bank decline to look at it due to the tracker mortgage that's also on the property. My total LTV with both mortgages is about 50%.

Thanks!
 
You can't get two mortgages on the same property with two different banks because a bank will want the property as security and there is only one property.

The second bank will not give a mortgage without the security of the property which you can't give as the first bank BoI already has a mortgage on the property.
 
You can't get two mortgages on the same property with two different banks because a bank will want the property as security and there is only one property.

The second bank will not give a mortgage without the security of the property which you can't give as the first bank BoI already has a mortgage on the property.
Great, thanks for your reply.
 
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