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Keep tracker mortgage when moving home

  • 24-01-2011 02:41PM
    #1
    ronanb78
    Registered Users, Registered Users 2 Posts: 25 ✭


    Hi,

    Does anybody know the latest on the governments plans to ensure tracker mortgages can be kept, if somebody decides to sell their existing home and purchase another?
    Did I hear of some committee that was making a recommendation to enforce this in the future?

    Rgds

    Ronan
    Tagged:


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,813 ✭✭✭unclebill98


    Nope. If you pay off old mortgage and move then your subjected to the new rates.


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,173 ✭✭✭✭seamus


    Nope, there's not a hope in hell that the government will force institutions to allow you to carry a tracker rate to a new mortgage.

    The original proposals are/were to protect people who needed to re-negotiate their mortgage terms or take a payment break. In those cases, many banks used clauses in the contract to break the tracker rate.

    When you move home, legally it's seen as your old mortgage being paid off and a new mortgage being issued. So you will always have a new mortgage contract and therefore a new rate. That won't change.


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