Ulster Bank Tracker/Home Mover after moving

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machalla

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I'm wondering if anyone has tried to remortgage a property using Ulster banks Tracker mover?

In my own case I have an existing UB tracker mortgage for my current home.

I am in the process of buying a new home with a different bank.

I am considering selling the existing property instead of renting it now as I had originally thought to do.

I would imagine the tracker/mover might be disallowed for remortgages but perhaps someone on here would know better before I approach Ulster bank directly.
 
The conditions are that you must sell your existing property first.

If you buy a new property with a mortgage from BoI, I very much doubt that Ulster would allow you to move your tracker to replace the BoI mortgage.

You have a few options to explore

1) Don't go ahead with the purchase of the new home until you have sold your existing home
2) Ask Ulster Bank if they will give you a mortgage on the new home pending the sale of your existing home. They are far more likely to go for that than to refinance a BoI mortgage
3) If you have exchanged contracts on the new house, ask a family member to buy it instead. Then when you sell your house you can buy the house from your family member. It will cost you 1% stamp duty and legal fees, but may well be worth it to keep the tracker.

Brendan
 
Hi Brendan,

Thanks for taking the time to reply to this.

I had been told by a mortgage broker at one point that only negative equity properties were valid for the tracker mover so I had discounted it as an option as there should be positive equity in my original property at this point.

I can't seem to find anything about positive equity tracker mover products only negative equity.

I would think Ulster Bank may be open to a remortgage but whether there could be any deal done on the tracker portion is doubtful. The purchase of the new property has gone through earlier than expected. Perhaps the idea might be useful to someone else in the same position.
 
Hi machalla

That mortgage broker was wrong.

"Our Home Mover mortgages are for existing residential customers who wish to move to a new home but are either on a tracker rate or who are in negative equity, or indeed are both on a tracker rate and in negative equity."

I have heard similar stories of borrowers being misled by brokers who then get commission by sending them to a different lender.

I don't see why an existing customer of Ulster Bank would go to Bank of Ireland and not to Ulster Bank first.

If the broker has misled you, you should complain to him. Depending on his response, you could take it to the Financial Services Ombudsman.



Brendan
 
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