PTSB Portibility Tracker

Discussion in 'Tracker mortgages - other than redress issues' started by ClaraL, 3 May 2018.

  1. ClaraL

    ClaraL Registered User

    Posts:
    3
    I would really appreciate if someone could clarify something for me.
    I bought a house while single and got a PTSB tracker mortgage, I have it rented out now. I am living in another county with husband and family in a house my husband bought while he was single (variable rate now KBC).
    We have an eye on a house that we would like to buy - we will need to sell my husbands house (current house living in) to make some equity. But I looking at the option of also selling my rented property and taking the tracker with me to purchase the new house - the sale will just cover the mortgage so no "profit" will be made, I would be selling to get the tracker onto the new home and for no more hassle with renting (I envisage selling it within the next 3 years anyway as it has come up in value recently and the mortgage will be cancelled out).
    I just see in the T&Cs that the existing property and new property must be your family home.
    Im wondering is there any way around this?
    Thank you
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,844
    Hi Clara

    Your post is a bit confusing.

    Are you selling your former home to buy a home to live in?

    If so, I would suggest that you sell your husband's home.
    You move back into your former home for a short period of time.

    Then, if you meet the lending criteria, I don't think you will have any problem moving the tracker from your home in your own name to a home in both your names.

    However, if you ask ptsb now to move a tracker from an investment property to another investment property, they will not do it.

    How much is left on your mortgage? And how many years?
    The value of the tracker mover product declines as the amount outstanding reduces and the remaining term shortens.

    Brendan
     
  3. ClaraL

    ClaraL Registered User

    Posts:
    3
    Hi Brendan,

    Apologies for the confusion.
    Yes we intend to sell the one I bought which has a tracker (in a different county and is currently rented). My husband will be selling his aswell and we will be buying another together to live in, hopefully forever. Instead of loosing my tracker I was wondering was there any way of transferring the tracker over to a new mortgage for the new house. But there is no way we would be able to live in the house for a time as its in a different county unfortunately. There is €126k left on it with over 22 years remaining. THank you for your reply..but it does seem like I will have to let it go.
     
  4. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,844
    The only way to find out is to ask ptsb. As it was your principal private residence, they might agree. But get going on it quickly as you will need to sell it before buying the house you have your eye on.

    Assuming you have an existing tracker of 0.8%, the rate will rise to 1.8% on the mortgage transferred over.

    If you are borrowing less than 80% to buy your new house, then you would be paying around 3% on your mortgage without a tracker.

    So losing your tracker will cost you about 1.2% of €126k or €1,500 a year. This will reduce as you reduce the term of your mortgage. So while it's nice to hold onto your tracker, it's not the end of the world if you lose it.

    In fact, the overall loss will be a lot less than €1,500. If you keep your tracker, you will have to borrow the rest from ptsb which is an expensive lender.

    Brendan
     
  5. ClaraL

    ClaraL Registered User

    Posts:
    3
    Thank you so much Brendan for your advice I didnt realise that the saving would be so little. Thank you for your time.