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Mortgage advice - selling tracker BOI

  • 30-01-2017 10:35am
    #1
    Terenuremum
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi,
    Id love some advice!! My husband and I both have reasonably good jobs but two unpaid maternity leaves has decimated our savings! We will need to sell our apartment which we currently rent out for our deposit. We currently rent a house at the moment.

    I just wondered is there any chance of transferring our tracker to a new mortgage or is that only for owner occupiers. The least stressful for us would be to sell it first and see how much of a deposit we have (we are continuing to save so will be able to add to it) but does that make sense.


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Talk to your lender.....All the lenders now allow you to transfer the balance on your tracker mortgage to a new mortgage for the unexpired term. They add approx. 1% on to the tracker rate and then give you a separate loan for the balance. I think Ulster and Bank of Ireland do not allow you to carry the tracker rate for the rest of the term....Bank of Ireland are 5 years and Ulster 10 years and Ulster charge approx. 2.50% over ECB.


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