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Selling a house that has 200k left on tracker

  • 19-07-2017 12:02pm
    #1
    wirelessdude01
    Registered Users, Registered Users 2 Posts: 8,437 ✭✭✭


    Thinking about selling a house that has 200k left on a tracker mortgage. Just wondering is it possible to transfer that portion of the tracker mortgage onto a new property? Mortgage is with BOI.


Comments

  • #2
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    Some providers have products called "tracker transfer" mortages - Small print & details differ from provider to provider, check it out.


  • #3
    Static M.e.
    Registered Users, Registered Users 2 Posts: 3,093 ✭✭✭Static M.e.


    Can do with PTSB. If we were borrowing 400K, you would have two loans - 200k with Tracker and 200k with new variable\Fixed rate.

    I think you can only do this once though..


  • #4
    Dee01
    Registered Users, Registered Users 2 Posts: 261 ✭✭Dee01


    PTSB also add 1% to the tracker rate you already have.


  • #5
    wirelessdude01
    Registered Users, Registered Users 2 Posts: 8,437 ✭✭✭wirelessdude01


    Looking into it it seems that BOI only allow you to carry the tracker rate on the remaining amount for 5yrs and then revert to SVR or go on fixed rate. Has anyone any experience if this can be negotiated? Also are any banks open to tracker switching?


  • #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Honestly- its not in their interests to allow this- these mortgages are an ongoing cost for the lenders- they are doing their utmost to legitimately move people from them.

    PTSB- will allow what you're suggesting.
    AIB will allow it with a 1-1.5% increment in the tracking rate.
    BOI- will allow it for 5 years- you are contractually obliged to go to a SVR at that stage.

    Best bet- is have a chat with a broker and see what they can arrange for you.


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