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Tracker re-mortgage Question? Help please.

  • 21-08-2013 6:52pm
    #1
    JohnMartyn
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hi lads,

    The wife and I have a tracker with PTSB. If we were to re-mortgage would we lose the tracker?

    I've been told we wouldn't, which seems too good to be true to be honest.

    Any ideas?

    Cheers,
    John.


Comments

  • #2
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Depends what you mean by re-mortgage. If you mean move your mortgage from one provider to another, I don't know of anyone doing new trackers at the moment.


    If you mean add more borrowing to an existing mortgage, maybe they are giving you a new rate on your new borrowings, and you keep the old rate on your old borrowings. This I have heard of.

    Get whatever they are offering you in writing and it should be pretty clear.


  • #3
    chuckyarelaw
    Registered Users, Registered Users 2 Posts: 199 ✭✭chuckyarelaw


    pwurple wrote: »
    Depends what you mean by re-mortgage. If you mean move your mortgage from one provider to another, I don't know of anyone doing new trackers at the moment.


    If you mean add more borrowing to an existing mortgage, maybe they are giving you a new rate on your new borrowings, and you keep the old rate on your old borrowings. This I have heard of.

    Get whatever they are offering you in writing and it should be pretty clear.

    Re-mortgage means to take out a mortgage on a property you have paid the mortgage off on.

    Equity release allows you to take out an additional mortgage for a portion of the value of the house above what is left to pay.

    CAL


  • #4
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 19,019 Mod ✭✭✭✭Moonbeam


    it is awesome if they do but I would read the fine print 1st. It might be a case of that you have very little left on your mortgage and they want to keep you as customers.


  • #5
    JohnMartyn
    Registered Users, Registered Users 2 Posts: 10 ✭JohnMartyn


    Thanks lads.

    We're looking to build an extension of circa €30K.

    On a very good tracker rate so would be great if we could add this cost to our mortgage and keep the low rate.

    Probably unlikely.

    Have never missed a payment and are currently saving more per month than we're paying on our mortgage.

    Cheers
    John.


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    JohnMartyn wrote: »
    Thanks lads.

    We're looking to build an extension of circa €30K.

    On a very good tracker rate so would be great if we could add this cost to our mortgage and keep the low rate.

    Probably unlikely.

    Have never missed a payment and are currently saving more per month than we're paying on our mortgage.

    Cheers
    John.

    They'll lend you the €30k at their current equity release rate and will leave your existing tracker rate as is.


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  • #7
    chuckyarelaw
    Registered Users, Registered Users 2 Posts: 199 ✭✭chuckyarelaw


    killers1 wrote: »
    They'll lend you the €30k at their current equity release rate and will leave your existing tracker rate as is.


    EXACTLY


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