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Mortgage question

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  • 27-01-2009 3:13pm
    #1
    drafter
    Registered Users Posts: 31 ✭


    am buying a second home with the other half in a few months time . does anyone know since i am goin to hang on to my first house i brought myself doest the mortgage interest rate on that first house remain the same or will the loan have to be changed to a different product??r


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    #2
    karen3212
    Closed Accounts Posts: 668 ✭✭✭karen3212


    If you are holding on to the first house, that mortgage will be the same. If you are mortgaging the second house as well, they will take the remainder of the first mortgage into account when they calculate how much they will give you.

    If you are selling the first house then you will have to move the mortgage to the second house. The rate you get may be better or worse than the one you have now.


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    #3
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    The mortgages are completely separate.

    Getting a second or subsequent mortgage may be restricted depending on your standing with the first mortgage.


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    #4
    MicraBoy
    Registered Users Posts: 916 ✭✭✭MicraBoy


    Well it could if you rent the first home out. You need to check the T&C's of your mortgage. It may stipulate that the mortgage is for primary residence only. In this case you need to tell your lender that you are now renting it out. They may decide to switch you to a buy-to-let mortgage. I doubt that will affect your current rate, but you may not get the benefits of further rate decreases.

    There are a lot of "could be's" in the above paragraph, you need to check the T&Cs and ring the lender to find out the exact situation based on your own circumstances.


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    #5
    jcoolie
    Closed Accounts Posts: 5 ✭jcoolie


    I put in planning for a house today, the site won't be transfered until planning is approved. Is it too soon to apply for a mortgage? Does anyone have any experience on this? Thanks


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