Length of Term of new Mortgage with UB while trying to keep current tracker

[Dinny]

Hi all,

I have just started the process of applying for a new mortgage with UB which will allow me to maintain my tracker mortgage.

I spoke to UB about a month ago about there product without any real issue but at a meeting last week I was informed that they will only issue the my mortgage with the same term duration as my existing tracker with them, i.e I have 15 years left on my tracker mortgage so therefore any new mortgage amount charged at the current standard variable rate would have a matching term of 15 years My age is not an issue as I am young enough to get a 20 yr or 25 yr mortgage.

Has anybody else involved with transferring a tracker with Ulster Bank come across the same issue.

 

[October03]

Hi Dinny,

We have gone through this process late last year and had the same condition which we hadn't realised at the start either. Our additional mortgage could only have a term equal to the remainder of our tracker which means we have a high payment but thankfully we can manage it. We only have 12 years left.

I can see why this would put a lot of people off moving the tracker, but if you can afford it I would not let it put you off as you will be mortgage-free while you're still young!