Tracker portability question


New Member
Hi all,
First time posting. Have just gone sale agreed on an apartment in Dublin 15.
Apt was banked with BOI on a tracker mortgage from 2006. It's now in positive equity.
Bought a house in 2014 financed by KBC.
A few months ago I enquired whether BOI would allow me to use the Tracker Mover product to refinance my KBC loan and retain the tracker rate. I was advised that I would be able to do it but would need to go through a new application process (and would have 6 months from closing to draw down new loan with tracker plus 1%).
I subsequently went sale agreed on the apartment and recently contacted BOI to get things going again. I was advised that I could not use the tracker mover product for this purpose and was incorrectly informed by the BOI rep.
I issued a complaint and they found the call recording and all they can tell me is sorry but essentially - no. Nothing they can do.
So my question is - is there anything that I can do to retain tracker or port it to a new loan?
Many thanks in advance for any/all replies!

Brendan Burgess

To be fair to Bank of Ireland they explain their tracker mortgage portability conditions very clearly on their website.

It would be a bit much to expect that you can refinance another lender's mortgage with an existing tracker.

Sure, the employee gave you the wrong information.

Did you suffer any loss as a result of the wrong information? Were you going to sell your apartment anyway?

Having said all that, you have nothing to lose by going to the Ombudsman who might well tell them to give you a tracker.

Are you sure that you would save that much? The BoI rate is increased by 1% . It's only on the tracker portion of the loan. And it's only for the remaining term of the tracker.

KBC rates are fairly low, so you are probably not losing that much.

You will face the legal fees of moving and maybe early redemption penalties if your KBC is a fixed rate.