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Transferring a negative equity tracker mortgage

  • 08-12-2016 6:29pm
    #1
    lilylarkin
    Registered Users, Registered Users 2 Posts: 89 ✭✭


    I have a home in laois. Value 430k. Tracker Mortgage = 570k. I now live in Cork and want to transfer my tracker mortgage to buy my parents house worth 750k but they will accept 430k. I can then live in Cork and continue with my previous mortgage.

    Will Ulster Bank let me transfer the existing mortgage and tracker rate to the new house in Cork. Surely it is better for them if the NE mortgage of 570k/430k becomes a Positive equity mortgage of 570k/750k?

    My concerns are 1. if they wont let me transfer the mortgage and I have to apply for a new mortgage. I have a number of judgements gained during the recession so they wouldnt give me a new. However I can make all the repayments on this mortgage as I am currently doing.

    2. if they agree to it, will they let me retain my tracker? I couldnt make the repayments if it wasnt on tracker.

    Help.


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