Question regarding Investment and PPR Mortgage

D

Ducky

Registered User
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137
Hi,

I have a mortgage which was taken out on my investment property and my home was used against this mortgage to take the loan out to buy that.

So 50% of my mortgage is tecnically on my investment property and 50% on my home.

I'm currently on a 1 year fixed rate which is due to end soon of 4.99%. I called my broker to ask if he could get a cheaper rate that I'm being offered by PTSB (the bank I currently have my mortgage with) which is 6.45% as they say that there are only two options available to me as the mortgage is on my investment property so this is the cheaper of the two. The two options are a two year fixed rate and a 5 year fixed rate.

My broker said that if I move banks, with the solicitor/broker costs involved, it may not be worth my while. This 6.45% will increase my mortgage by a lot each month so I would prefer not to take this option.

Are the fees high in moving banks with your mortgage?

Not sure if I'm posting enough details so if so, let me know.

Thanks

Ducky.
 
Depends where you wish to move your mortgage.
As far as I am aware, Halifax still offer free legal fees to switch your PPR (principle private residence)
Bank of Ireland offer free legals if PPR mortgage over 200k and less than 50% loan to value.
Otherwise it is about €1000 in legal fees per mortgage switch - depending on solicitor.
 
Last edited:
Thaks Norfbank,

Halifax unfortunately don't cover investment properties so I could only move my home mortgage to them.

Thanks
 
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