Mortgage rate on previous loan

Flavour

New Member
Messages
2
Hi there,

In the process of getting a second mortgage for a family home down the country.
Already have an existing mortgage with AIB for an apartment in Dublin, which we started renting out 5 years ago. Interest rate is 3.15%.
Apartment is probably still in a small bit of negative equity or just about break-even.
Have talked to AIB and they're willing to give the second mortgage (application is in at the moment) for the family home.

But I'm wondering what will happen to the existing mortgage, will it get reconfigured as buy-to-let at an increased rate of 4.85%?
Or maybe just reconfigured and the rate left the same at 3.15%?
Am slightly afraid to mention it to them in case it opens a can of worms.

Does anybody have any experience of of getting a second mortgage with AIB (or other bank) in this kind of scenario, and what happened to your original mortgage?
 

luckystar

Frequent Poster
Messages
117
Your original mortgage should stay the same unless it's part of the new mortgage conditions. Unlikely.
Shop around - mortgage broker or try all the banks. Some may offer more money others better interest rate. You do not have to get the mortgage from AIB!
 

Flavour

New Member
Messages
2
Thanks for the response luckystar. The "offer of mortgage loan" will probably be out this week, so will keep an eye on the conditions.
 
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