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Want to move tracker but don't have time to wait for our house to sell-any ideas?

  • 15-09-2017 6:34pm
    #1
    dinneenp
    Registered Users, Registered Users 2 Posts: 8,191 ✭✭✭


    Hi,

    If this fits better in a finance forum please move...

    Repossessed house is for sale, bought by Vulture Fund, auctioneer said buyer has to have everything ready, e.g. can't wait till buyer sells their house.

    So mother in law is offering to give us the cash to buy the house, we give it back after ours sells.

    The problem is we're on a tracker and ideally would like to move the tracker. We're with TSB and can do this; it'll end up current tracker rate & 1% so new tracker would be 2.68% or 2.8. But if we buy the house with cash we can't transfer over the tracker so would be on about 3% for a new mortgage.

    Is there any that we can buy the house and transfer over our tracker without waiting till our house sells?

    If mother in law was to buy the house & we then buy it from her we're paying double stamp duty, double solicitor fees twice. Could still be cheaper than changing to 3% but that's a bit messy too.

    Any ideas or help would be great.
    Thanks,
    Patrick.


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Why can't you transfer over the tracker if you buy with cash? Has the bank said you can't do this?

    There is no legal or financial reason you can't get a mortgage on a property you already own.

    You need to consider the structure of how your mother will lend you the money. Your solicitor will help with this.

    Make sure to agree a fair interest rate with your mother in law for the bridging finance.


  • #3
    kippy
    Registered Users, Registered Users 2 Posts: 18,984 ✭✭✭✭kippy


    The terms of the PTSB tracker portability mortgage are fairly set in stone and I dont think you will be able do what you are hoping to do.
    https://www.permanenttsb.ie/borrowing/mortgages/home-movers/
    Worth finding out for definite though;


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Which of the terms do you think might stop the OP?


  • #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    dinneenp wrote: »
    Hi,

    If this fits better in a finance forum please move...

    Repossessed house is for sale, bought by Vulture Fund, auctioneer said buyer has to have everything ready, e.g. can't wait till buyer sells their house.

    So mother in law is offering to give us the cash to buy the house, we give it back after ours sells.

    The problem is we're on a tracker and ideally would like to move the tracker. We're with TSB and can do this; it'll end up current tracker rate & 1% so new tracker would be 2.68% or 2.8. But if we buy the house with cash we can't transfer over the tracker so would be on about 3% for a new mortgage.

    Is there any that we can buy the house and transfer over our tracker without waiting till our house sells?

    If mother in law was to buy the house & we then buy it from her we're paying double stamp duty, double solicitor fees twice. Could still be cheaper than changing to 3% but that's a bit messy too.

    Any ideas or help would be great.
    Thanks,
    Patrick.

    You can buy off the contract from your mother in law. That would avoid double stamp duty, possibly solicitors.


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