Options for double mortgage on family home

L

Loofon2018

Registered User
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Hi all,

We have two mortgages on our family home.

PTSB Tracker Mortgage ECB + 1.1% with €219K left - finishes in 2033
PTSB LTV 70-80% @ 4% with €71K left - finishes in 2034

Overall LTV is 72%

The reason there are two mortgages is the house was self-build and the original amount didn't cover the final build costs. So we extended the mortgage with a second one to cover the final cost.

What I am wondering is, is it possible to switch the second mortgage to a different Bank and take advantage of the 3-5 Fix rates that are currently on offer?

Would there there be issues with having two different banks on the same property?

Appreciate any info.

Regards.
 
No, unfortunately it won't be possible. PTSB would hold the title deeds, and have first charge on the property.
BoI's charge would rank 2nd to PTSB.
Not something the banks will do.
 
LDFerguson said:
Your effective overall interest rate is 1.81%.

If you have any spare cash, overpay the smaller part and make sure that PTSB know which one you're overpaying.
Click to expand...

Thanks, this option was something that we were considering. Early next year we should be in a position to double up the payments on the second mortgage and significantly reduce the time scale. Savings would be significant too.
 
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