Trade up with current mortgage provider or start afresh

[thejuggler]

So here is my situation 15 years into a 30 year mortgage term with PTSB
Initial mortgage borrowing was €156,400
Current remaining balance is around €97k
Have tracker rate of 1.68% above ECB rate

Should roughly have 50% deposit to pay for new property

Looking to move and increase mortgage to around 200k (over 20 years)
Have discussed with bank. They offer a movers mortgage product which allows you to take your outstanding mortgage balance with an additional 1% on your tracker to 2.68% above ecb rate. The additional borrowings (105k) would be at their standard variable rate. (3.8 or 3.9% depending on LTV)

I'm just trying to figure out if the 2.68% tracker is worth staying with PTSB for or would I be better off moving to a different institution with one of the 2% cashback offers.

Any advice?

 

[Mauritius]

Very cheeky of them to insist on adding another 1% to your tracker rate. Is that legal?

 

[Bronte]

I thought the 2% cash back was just a gimmick.

 

[cremeegg]

Is the additional 1% offer for the full 20 years or just for a limited time?

 

[thejuggler]

The way it works is you have two mortgages - your original one at the tracker rate plus an additional 1% for the remaining term (15 years)
Plus a a new mortgage at standard variable rate for the additional funds borrowed over 20 years.

My question was - is it a cheaper approach than getting an entirely new mortgage at standard variable or fixed rate?