THE TRACKER TRAP ! - Moving Home -Can i hold current Rate ?

Mixednuts

Registered User
Messages
166
Hi,
I have seen a home for sale that is in an area where I have been wanting to move to (actually grew up here ) has all the resources needed for long term , schools etc etc ....God I am getting old and sensible !

Well my question is this .......

I am currently on Tracker ECB + .08% , i will need to borrow another 40k in my estimations , are my Mortgagae provider obliged to borrow me this additional money at my current rate or could they just re-issue a new mortgage (new account no.) for the full amount needed which would mean me getting a kick on the gonads for a higher Interest rate .

If the answer means the kick in the Gonads , then I am staying PUT (ECB + 0.8% would be like leaving Pamela Anderson for Mary H . )


All advice Welcome .
 

Dave Vanian

Registered User
Messages
706
Re: Moving Home -Can i hold current Rate ?

With very few exceptions (First Active Offset Mortgage being the only one I know) when you move house you have to get a new mortgage.

Try looking at Mary H from a variety of angles.
 

Mixednuts

Registered User
Messages
166
Re: Moving Home -Can i hold current Rate ?

Mary H ...from a couple of angles ???? ... not many right angles or any angles to look for .

Seems I am staying PUT with sore GONADS

Thanks but for the advice .
 

DerKaiser

Registered User
Messages
1,442
Re: Moving Home -Can i hold current Rate ?

This is actually an interesting idea.

Take the case of someone wanting to upgrade from a 3 bedroom €400k mortgage to a 4 bedroom €500k mortgage.

Repayments on the €400k mortgage @ 3.25% (ECB + 0.75%) are about €1600pm.

Say the best deal we can now get on the new mortgage is 4% (ECB + 1.5%), repayments will be €2230pm.

So repayments are 40% higher and stamp duty of €25k is payable not to mention other practical expenses of moving (solicitors fees, furniture, etc).

In very simple terms not being able to maintain the current mortgage rate effectively costs €50k! Together with Stamp duty this is a pretty large disincentive to moving
 
I

irishlinks

Guest
Re: Moving Home -Can i hold current Rate ?

WHo is your lender? You could try asking them to give you the extra 40K as a new loan and keep the existing one at the old rate. Don't assume they will say no. It's not very likely they will agree - but worth a try.
Looks like no one on a tracker will want to move house !
 

Mixednuts

Registered User
Messages
166
THE TRACKER TRAP !Moving Home -Can i hold current Rate ?

Yea Guys , just a I taught ...(God loves a tryer)

Call PTSB said exacxtly as on this forum (seen house , wanna move , can I hold rate ? ) ...was expecting a quick NO but to my surprise I was put on Hold then transfered twice (up the ladder I think) only to be told that If I moved home then I would need a new mortgage thus a new rate (current variable or fixed = NO THANK YOU !)

So the moral of the story ....

If your on a Tracker ( <.75 or .8 )........................NICE ONE !
If your thinking of moving.................................EXPECT SORE GONADS !

That YING YANG Stuff is making a lot of sense these days .

Seems like there is a bit of a Tracker Trap , thats if your thinking of moving
 

gally74

Registered User
Messages
109
all i can say is well done and best of luck with your purchase,

i find you get a lot more out of a bank, once you have paid back a mortgage for a few years and have a good credit history
 
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