@newirishman I think you read it wrong...he says "PTSB are telling us we have to transfer the tracker to our new purchase"
Trying to understand:
The bank now tells you that you cannot transfer the tracker to whatever new house you want to buy?
- You have one property, which is your PPR
- You have two mortgages
- one taken out originally which has 6.5 years left out of 20 years, and is on a tracker rate
- one top-up mortgage, which was taken out 3 years after the first one, with a different interest rate (variable I assume)
- You have an LTV of about 30%
- You want to sell the property and move, and are already sale agreed.
Or are you saying that bank doesn't allow you to pay off the mortgage in full from the proceeds of the sale because you are on a tracker rate?
If it is the first point, that makes sense to me as there is no need to transfer any NE to the new property. You sell the house, pay 30% of the money to the bank to close the mortgage account. You have 70% of the proceeds left for the new house.
You will need a mortgage on the new house as well, and the bank tells you that they are not going to let you keep the tracker rate.
Makes perfect sense to me, why should the bank let you keep the tracker rate, if you are very much in a position to pay back the mortgage in full?
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