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
PTSB One Plan, can I move it?
- Thread starter Red Head
- Start date
Brendan Burgess
Founder
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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
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
Registered User
- Messages
- 4,663
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.
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.