Can you have 2 mortgages for 1 house with 2 banks

dodo

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If you have 0.5% tracker mortgage with Pepper Finance 70K and as they are not a lending institution they don't give top up mortgages. Is there option to get top up mortgage from another bank. Equity is 400K and if got top up then Equity would be 330K.
 
No.

But because the balance is only €70k, the tracker is not that valuable.

Let's say you borrow at 2.5 % instead. In the first year, losing your tracker would cost you "only" €1,400 and this would reduce as you pay down the balance.

Are you trying to borrow €70k? You could get an unsecured loan from a credit union, but the rate would be very high. I think it would be cheaper to borrow the full €140k from a mortgage lender at 2.5%,

Brendan
 
Is there option to get top up mortgage from another bank.
Lenders generally don't want second charges on a property.

Reposessing a house is hard enough in Ireland without having someone else with another claim.

As @Brendan Burgess the tracker is not very valuable. You would be better off getting a brand new mortgage from another lender and paying off Pepper. I'm not sure if other lenders or Pepper would facilitate that.
 
No.

But because the balance is only €70k, the tracker is not that valuable.

Let's say you borrow at 2.5 % instead. In the first year, losing your tracker would cost you "only" €1,400 and this would reduce as you pay down the balance.

Are you trying to borrow €70k? You could get an unsecured loan from a credit union, but the rate would be very high. I think it would be cheaper to borrow the full €140k from a mortgage lender at 2.5%,

Brendan
Cheers, i just thought been 0.5% but only on 70k rather than 200k that would make more sense.
 
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