Should I have been able to top up my tracker mortgage?

[GFennell]

Hi

My husband and I moved house 4 years ago. We needed to top up our mortgage. Our original mortgage was a tracker but they told us that the top up would have to be a separate loan. So now we have two mortgage payments going out.
Is this normal?

 

[stovesoot]

We availed of tracker retention and similarly ended up with split mortgage on 2 different rates.
Tracker needs to run over original remaining term or lower, other mortgage can have longer.
2 completely separate loans secured on the same asset.

Other option is not to bother with tracker retention and just get one mortgage.

 

[Monbretia]

Perfectly normal, you can't add to the original loan at tracker rate so it has to be a new separate loan at current rates.

 

[peemac]

When banks talk about "top-up" mortgages, it's simply a marketing term. It is always a separate loan in itself, but it tends to run alongside the main mortgage and even the repayment can be bundled up into one payment. But it is always a separate stand-alone agreement with it's own terms and conditions and interest rate.