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Applying for mutliple morgage approvals from the same bank

  • 13-06-2018 05:25PM
    #1
    steamboat
    Registered Users, Registered Users 2 Posts: 219 ✭✭


    My situation is this...

    Current home, on a tracker (rate 1.05%) with BOI.

    We are sale agreed on another property.

    We intended to keep our current property.

    We have full mortgage approval from BOI to move to the new house while keeping the current house as an investment property.

    Since I got the morgage approval BOI have changed their tracker mover policy to allow movers to port their tracker morgage to the new home loan + 1% for the remaining term of the mortgage. (Previously this was limited to the first 5 years only).

    I may have a potential buyer for our current home. I would like to pursue getting approval for a Tracker Mover morgage from BOI with the intention that if I could sell my current home quickly I can opt for the Tracker Mover morgage. If I don't sell I stick with the current morgage offer.

    I'm not sure if BOI (or banks in general) will entertain this idea or providing two morgage offers for the same property. Would this be a non-runner?
    Tagged:


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