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Mortgage Top Up Questions

  • 20-07-2010 12:11pm
    #1
    jphegarty
    Closed Accounts Posts: 3 ✭


    Hi

    I have a mortage totalling 260K with AIB. It comprises of one for 230K at ECB rate +.65% and 30K Top up at ECB rate +.85% - Both very favourable rates.

    I am now looking to do an extension and would need approx 60K. I would only do this if I was able to avoid converting the complete value of the 2 to variable rate

    Would it be possible to get this 60K added to the 30K mortgage, have that changed to variable and let the 230K on its tracker rate untouched

    If people think the banks are unlikely to allow this have I any alternative for getting the money as converting all the mortgage value to variable would cost me 20-30K over the lifetime of the loan

    Thanks


Comments

  • #2
    gpjordanf1
    Closed Accounts Posts: 867 ✭✭✭gpjordanf1


    jphegarty wrote: »
    Hi

    I have a mortage totalling 260K with AIB. It comprises of one for 230K at ECB rate +.65% and 30K Top up at ECB rate +.85% - Both very favourable rates.

    I am now looking to do an extension and would need approx 60K. I would only do this if I was able to avoid converting the complete value of the 2 to variable rate

    Would it be possible to get this 60K added to the 30K mortgage, have that changed to variable and let the 230K on its tracker rate untouched

    If people think the banks are unlikely to allow this have I any alternative for getting the money as converting all the mortgage value to variable would cost me 20-30K over the lifetime of the loan

    Thanks

    Hi

    As far as I'm aware, you cant be switched from your tracker for topping up or any other arrangements including problems with payments.
    It was on the Finance section of the Matt Cooper radio show.
    I'm sure the guys here ca clarify though.
    Dont give up your tracker for any reason is the bottom line.

    Hope this helps


  • #3
    jphegarty
    Closed Accounts Posts: 3 ✭jphegarty


    Thanks a million for your reply gpjordan

    That sounds excellent indeed, can anyone let me know if this is for definite. I would like to have my ducks in a row for when I approach the bank about the top up

    Thanks again


  • #4
    jphegarty
    Closed Accounts Posts: 3 ✭jphegarty


    Just contacted the national consumer agency and apparently the banks are allowed to change me to a varible rate if they wish but I can try and negotiate.

    Are there any alternatives for raising 60K so I know of these before I go to the bank, just want to strengthen my argument if they are trying to force me to change the whole of my mortgage to variable rate


  • #5
    gpjordanf1
    Closed Accounts Posts: 867 ✭✭✭gpjordanf1


    jphegarty wrote: »
    Just contacted the national consumer agency and apparently the banks are allowed to change me to a varible rate if they wish but I can try and negotiate.

    Are there any alternatives for raising 60K so I know of these before I go to the bank, just want to strengthen my argument if they are trying to force me to change the whole of my mortgage to variable rate


    Bets of luck to ya, no better weapon than correct information!


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