Mortgage deposit needed when porting a tracker?

sparkman

I think I may be making an unsafe assumption here, i.e. that my bank (PTSB) will allow me to port my tracker to a new property, but assuming for now that they facilitate this, does it mean that I would still need a mortgage deposit?
What I am hoping, is that I would only need the booking deposit for the seller/auctioneer + a mortgage deposit on any additional money that I need to borrow, i.e. on any money in excess of the current tracker mortgage amount.
Hope I explained that properly...any voices of experience in this area would be very welcome. I just wouldn't mind having a bit of homework done before I start a conversation with my bank. Thanks.

Lumen

For a FTB you apply for a mortgage of less than the property value to meet the LTV requirements, and then give the difference to your solicitor.

For a change of property it's more complicated. If you sell the current property first for more than the outstanding mortgage principal you should have the cash to meet the LTV requirement. If you don't you need cash savings or bridging finance, which is hard to get.

Creamy Goodness

Lumen wrote: »

For a FTB you apply for a mortgage of less than the property value to meet the LTV requirements, and then give the difference to your solicitor.

For a change of property it's more complicated. If you sell the current property first for more than the outstanding mortgage principal you should have the cash to meet the LTV requirement. If you don't you need cash savings or bridging finance, which is hard to get.

And that’s before you try and convince your bank to transfer a tracker. They’d most likely bite your hand off to get you off the tracker and asking to do what the OP wants will play into their hands.

GingerLily

https://www.permanenttsb.ie/mortgages/home-movers/

Have you already read through the info available to you?