Is it possible to move home and retain a tracker mortgage??

M

Mr R

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Hi all.
I have a tracker mortgage with ICS (Bank of Ireland)
I owe approx. 300k on a property that's worth approx 250k.
Due to a change in my health I require ground floor accommodation (i.e. Bungalow)
Is it possible for me to sell my current home, buy a new one and take my tracker mortgage with me?
I'll be calling ICS tomorrow, but any advice here would be much appreciated.
Thanks.
 
Thanks Paddy. I saw that this morning. Unfortunately BOI are only offering it for 5 years. Looks like permanent tsb are going to allow permanent transfers.
 
Mr R
Go into your nearest BoI Branch and formally look for it- they will deal with ICS cases as well.
 
Mr R said:
Unfortunately BOI are only offering it for 5 years. Looks like permanent tsb are going to allow permanent transfers.
Click to expand...

Remember, on top of the 5yr limit, BOI will add 1% to your current Margin from day one. So if your margin is currently 1% plus ECB, and you switch, it becomes 2% plus ECB. Still better than a new variable with them.
 
@LUternau - they may not. There is a definite 'carry your tracker' product but its under the table - you have to negotiate sensibly without emotion. There are deals to be done.

The only negative is people may not feel confident themselves - people can get others to act.
 
In relation to the article above -
"the tracker rate will apply to the outstanding amount of the mortgage. Extra money needed to buy a new property will have to be borrowed at a variable or a fixed rate."

Can i take it that if you have a tracker mortgage of 300k at ECB + 1%, you sell the existing house for 250k, and you then need 275k to purchase the new home , the banks will offer you

50k @ your tracker rate
275k at the SVR

or is it possible they are offering something more advantagous here?
i know BOI are liminting this to 5 years and PTSB have yet to comment
 
I take it that its safe to assume that this will be confined to the irish banks. i.e. there isnt a chance in hell of nib/danske offering something like this right?
 
It also currently reads as only for negative equity and trade down customers?

Can I safely assume also, that if you want to move for more space and have a performing loan (non-arrears) and not in negative equity that you will not be allowed this option?
 
With Ulster Bank and BOI, is the condition to carry the tracker with you only allowed for negative equity customers?

I'm with AIB and on a good tracker and lucky to be in a position of positive equity - but would like to trade up to a bigger house keeping the tracker on the portion of my current mortgage.......is this on the table at all with any banks?
 
I bought a house in 2004 with FA > Ulster Bank, I was the sole applicant. I'm currently on a tracker but in negative equity, no arrears and no late payments or issues of any kind.

Earnings are now up substantially and I am looking to buy with my wife and our combined earnings are good enough to qualify for a larger mortgage. We have a lump sum saved in excess of 20% of new home price.

Does anyone know if I sold my house can I transfer my tracker portion of existing debt to new mortgage? Does anyone have information about the Ulster Bank 'keep your tracker' scheme? I can't find any information on their web site and don't know what the qualification criteria is or if negative equity disqualifies us.

Thanks.
 
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