PTSB One Plan, can I move it?

Red Head

Registered User
Messages
12
Hi, I have a tracker mortgage with PTSB. Also have a One Plan for 60k on same property but the the higher variable rate. Does anyone know can I move the One Plan portion of the mortgage as the rate/interest is crazy compared to the main mortgage? If possible would love to be able to shop around. Sadly can’t afford to pay One Plan off. Thanks
 

Brendan Burgess

Founder
Messages
38,685
Can you clarify what you mean?

You have a tracker mortgage for X
You have a second non-tracker mortgage for Y

You have one or both protected by a One Plan mortgage protection policy.

If that is what you mean...

No, you cannot transfer only one mortgage to another lender. But you could ask ptsb for a better rate. What rate are you paying at the moment? What is your total Loan to Value.

If you want to move the Mortgage protection policy, you can cancel it and take out a new one.

As the lenders' mortgage protection is usually very dear, you should get a quote for this.

Brendan
 

LDFerguson

Frequent Poster
Messages
4,088
Hi Brendan,

As far as I know, One Plan was a PTSB marketing name for a top-up loan. It's not a life insurance product.

So I think Red Head has a tracker mortgage with a top-up loan that is on a much higher rate. In those circumstances the only choices are to move everything (tracker mortgage and top-up) to another lender, which would probably be a bad idea as you'd lose the tracker mortgage, or to negotiate with PTSB for a better rate on the top-up.

Red Head - it's not possible to move the top-up mortgage to a different lender while retaining the PTSB tracker on the same house. Irish banks will only allow one lender at a time to have a residential home as security.
 
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