Retain Tracker for New Morgage

[broomfield]

Tracker

Hi there,

I hope this is the correct forum for my query as we are about to sign contracts on new mortgage this week.


We requested to retain our tracker on amount outstanding and apply variable rate to additional borrowings of a new mortgage but this was refused by the bank (one of the pillar banks). Under what circumstances can a tracker be retained ? What is the business case to put forward to influence banks ?

 

[wbbs]

I don't know of any case you can make, there is no reason why the bank would allow you keep it, you are closing the tracker mortgage account and taking out a new mortgage at today's interest offerings on a different property. I don't think there is any argument to be made that would make them allow you keep it.