Tracker 2nd mortgage

Discussion in 'Tracker Redress' started by MARYHJ, 7 Feb 2019.

  1. MARYHJ

    MARYHJ New Member

    Posts:
    2
    I was told last year I was part of tracker redress, we took out 3yr fixed rate mortgage in 2007 it said it would revert to prevailing rate, at the same time we transferred mortgage on other proporties these had fixed interest only rate for 5 years only as we were not meant to keep, but in agreement it said that after fixed rate it would revert to prevailing lenders rate, was this a tracker too.?
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,055
    What lender?

    You can't transfer a mortgage to another property.

    If you buy another property, you redeem one mortgage and take out another.

    They might allow you to keep the same fixed rate on the new mortgage.

    You should explain in chronological order exactly what happened e.g.

    3/2007 took out a three year fixed rate mortgage of €200k
    3/2010 fixed period ended
    3/2011 redeemed mortgage and bought new property for €300k with €250k mortgage
     
  3. MARYHJ

    MARYHJ New Member

    Posts:
    2
    When we took out the mortgage on property in 2007 the house we were living in was sale agreed but not sold, we also had an investment property at the time, KBC give us a mortgage on the new house, this is the mortgage that is part of redress, at the same tome they gave us a second mortgage on the house we were selling and the invest ment property, this mortgage was interest only for 5 years and it stated in agreement that after this term it would revert to lenders prevailing rate, I wanted to know if this was a tracker also ?