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2 interest rates for mortgage

jack77 · 2012-03-16 10:29:13

Hi all, If i was to get equity released on my mortgage, is it charged at 2 different rates? i have a tracker and don't want to lose this, would it still be possible to keep the tracker rate on the original mortgage and have a new rate on the equity released? also does equity release have to be with my current provider as…

16-03-2012 10:29am

#1

jack77

Registered Users, Registered Users 2 Posts: 115 ✭✭

Join Date: September 2011

Posts: 86

Hi all, If i was to get equity released on my mortgage, is it charged at 2 different rates? i have a tracker and don't want to lose this, would it still be possible to keep the tracker rate on the original mortgage and have a new rate on the equity released? also does equity release have to be with my current provider as they hold the original deeds etc?
Thanks for any replies

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Comments

#2 16-03-2012 10:45am

Liam D Ferguson

Registered Users, Registered Users 2 Posts: 542 ✭✭✭

Join Date: September 2006

Posts: 532

You should apply for a top-up with your current provider and insist that they set up a separate account for it, thus maintaining your tracker on the original loan.

It has to be with the same lender as you won't get two lenders agreeing to a charge over the same residential property unless it's worth millions and so are you.

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#3 02-01-2013 7:59pm

spygirl

Registered Users, Registered Users 2 Posts: 344 ✭✭

Join Date: July 2010

Posts: 310

We got an equity release with PTSB and we still have the tracker on the origional mortgage.Interest on the 2nd one is about double what we are paying on the Mortgage.

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