Are you able to buy a new house? If so, then you could move the tracker.
Brendan
We have a site and E150k in cash. We are hoping to build a house on the site with that E150K, and a loan of cE30k.
However we're having problems with Planning as site already failed percolation test but there may be a change in percolation test values shortly which could benefit us. But waiting. May have to jump through many hoops with still no certainty of getting PP.
As stated earlier our current property (home) is in cE25k in NE. We want out from it now. Don't want to rent it/be landlord's.
We're with KBC and have Tracker as already mentioned.
Would it be possible to negotiate with KBC to sell our property and get a loan from them for the new build?
i.e NE 25K (from current property) and loan 30k (to add to cash on hand of E150k to build new house).
Therefore new loan with KBC would be E55k , and keep Tracker mortgage and reduce the term (from current 19 years)?
Would they convert this E55k into a remaining mortgage with retained tracker?
(Or would KBC just get rid of our mortgage and turn it into a regular loan?)
Other option would be to sell the site, worth c.E60k, and buy house, ballpark figure for detached in our area is cE250K.
i.e NE 25k, further loan E100k (as we have cash of E150k). However our current saving record is not good.
Therefore, detached house worth E250k, new loan with KBC E125k (NE25 + new loan E100k), and keep tracker?
(Current mortgage balance with KBC is E132k and we want totally out from where we are).
Therefore we're rid of this current property. Have a detached house worth E250k and have smaller mortgage then we have now, with tracker retined and same term left + living where we want to! (life is short).
Current mortgage is cE640 per month.
P.s We want to trade up instead of down hence why I mentioned detached house. Growing family too!
P.s We do realize how fortunate we are to have the site and cash but really really want to move and get rid of our current property.