On Tracker Interest Only Mortg, Can I move to repayment mortg and keep tracker

S

smurf

Registered User
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Hi.
Currently I have a no of properties on Tracker Interest Only Mortgages with BOI and KBC (formally IIB),

1. Can I move to repayment mortgage and maintain tracker

or

2. If I move to repayment mortgage does this constitute a new mortgage and given that trackers are not available I would be placed on standard variable


If its option 2, would it be more advantageous to keep tracker 1.1 above ECB and save / invest the difference to make up the initial loan (approx 200 per property) when it matures in approx 20 years

Ideally I would welcome the opportunity to switch to repayment and maintain the tracker

Thanks
 
Also, on PPR mortgage 0.75% tracker i overpay and pay fortnightly with BOI.
CAN I PAY WEEKLY?
 
You could keep the interest only tracker. Find out what the repayments would be on a tracker repayment basis and lodge the difference into a high interest account.

That way you get the max tax relief each year as the interest on the mortgage is allowed against rental income.
The amount in the high interest account should equal the principal of the mortgage at the end of the term is say 15 20 years
 
1. I spoke to my mortgage broker, it turns out that I can keep the tracker and switch to a Capital & Interest repayment format. She also indicated that there is a overpayment and withdraw option which affords more flexibility as it allows customers to withdraw if required any overpayments.

Does this flexibility come at a price, has AAM posters experience of this product.

2. Secondly on my BOI PPR mortgage I pay fortnightly, Does BOI allow weekly payments or Daily calculations of interest
 
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