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Moving without effecting current mortgage?

  • 11-01-2021 12:20pm
    #1
    Scotty #
    Registered Users, Registered Users 2 Posts: 3,782 ✭✭✭


    Hi,

    I'm looking to upgrade. Bought in 2005 and €145K left on Mortgage.

    The house I'm looking at would only require finance of about €45k. I'm thinking of just taking a personal loan from the Credit Union. Would this allow me to stay on the tracker mortgage I'm currently on with ICS?


Comments

  • #2
    purpleisafruit
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭purpleisafruit


    I'm not 100% on this but I'm pretty sure a mortgage is specifically against an existing property and not a new one


  • #3
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 30,404 ✭✭✭✭HeidiHeidi


    The mortgage you have is on the particular property that's mortgaged. It's not just a loan of money, it's a loan of money based on the value of a specific property.



    I'm no expert, but AFAIK you'd have to clear the mortgage you have on your current property, and take out a new one on the new property.


    Whether or not you'd be able to negotiate a similar tracker rate on the new property, I have no idea, but I seriously doubt it.


  • #4
    Scotty #
    Registered Users, Registered Users 2 Posts: 3,782 ✭✭✭Scotty #


    Thanks Heidi, that's what I was expecting.


  • #5
    Dodge
    Registered Users, Registered Users 2 Posts: 10,345 ✭✭✭✭Dodge


    HeidiHeidi wrote: »
    The mortgage you have is on the particular property that's mortgaged. It's not just a loan of money, it's a loan of money based on the value of a specific property.



    I'm no expert, but AFAIK you'd have to clear the mortgage you have on your current property, and take out a new one on the new property.


    Whether or not you'd be able to negotiate a similar tracker rate on the new property, I have no idea, but I seriously doubt it.

    Some banks (I know PTSB does for instance) have a tracker portability product. Essentially you keep a tracker (at a higher rate) for the existing amount and the rest is at current market rates.


  • #6
    Scotty #
    Registered Users, Registered Users 2 Posts: 3,782 ✭✭✭Scotty #


    Dodge wrote: »
    Some banks (I know PTSB does for instance) have a tracker portability product. Essentially you keep a tracker (at a higher rate) for the existing amount and the rest is at current market rates.
    It seems my provider, BOI, do this too. Existing rate plus 1% as long as you are not extending the term of the mortgage.


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