Is my mortgage tied to my house?

Remind Me Tomorrow

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

Saipanne

Remind Me Tomorrow wrote: »

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

It's a secured loan. The security is your house.

Bank of Ireland: Sarah

Remind Me Tomorrow wrote: »

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

Hi Remind Me Tomorrow,

Thanks for contacting us here on Boards.

It would be best to discuss this with our Mortgage team directly if you are considering selling your house. You can call them on 01-611 3333 and a representative will advise you on what would be involved.

Please let us know if you need help with any other query.

Thanks,
Sarah

Remind Me Tomorrow

Saipanne wrote: »

Remind Me Tomorrow wrote: »

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

It's a secured loan. The security is your house.

Ah, Of course.  Not liking their keep your tracker for 5 years mover deal.  So you'll let us get settled in to our new home before you screw us over, nice.

Saipanne

Remind Me Tomorrow wrote: »

Ah, Of course.  Not liking their keep your tracker for 5 years mover deal.  So you'll let us get settled in to our new home before you screw us over, nice.

I don't work for BOI. This is a public forum.

seamus

Remind Me Tomorrow wrote: »

Saipanne wrote: »

Remind Me Tomorrow wrote: »

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

It's a secured loan. The security is your house.

Ah, Of course.  Not liking their keep your tracker for 5 years mover deal.  So you'll let us get settled in to our new home before you screw us over, nice.

It's actually the best deal you'll get on borrowed money at the moment. If you don't like it, nobody's forcing you to move, you can stay put.

If you take it, you can spend the five years squirreling away money into savings, and at the end of the five year period throw your savings lump sum at your mortgage and refinance to take another five years or so off your mortgage, and/or move to another provider for a better deal.

Manage your money right and you could be the one who screws over BOI.

Remind Me Tomorrow

seamus wrote: »

Remind Me Tomorrow wrote: »

Saipanne wrote: »

Remind Me Tomorrow wrote: »

Hello,

Is my mortgage tied to my house? Or can I sell my house, use the cash to buy another house and then continue with my current mortgage payments without any paperwork or involvement from BOI?

Thanks.

It's a secured loan. The security is your house.

Ah, Of course.  Not liking their keep your tracker for 5 years mover deal.  So you'll let us get settled in to our new home before you screw us over, nice.

It's actually the best deal you'll get on borrowed money at the moment. If you don't like it, nobody's forcing you to move, you can stay put.

If you take it, you can spend the five years squirreling away money into savings, and at the end of the five year period throw your savings lump sum at your mortgage and refinance to take another five years or so off your mortgage, and/or move to another provider for a better deal.

Manage your money right and you could be the one who screws over BOI.

It's the best I'll get, being a BOI customer.  It's a ticking time bomb which means you still have to consider the higher rate when buying your property, or keep your fingers crossed that you get a significant pay rise within the 5 years. 

PTSB do not put a limit on it, they let you keep your tracker for the remainder of the term.

For me, having done the figures and looked at some houses, it means the difference between a nice house and a not so nice house.  If my mortgage was with another provider I could have a nicer house.  Saving a few quid for 5 years doesn't make it any easier to swallow.

Boards.ie: Niamh

Off-topic and bickering posts removed. No more please.