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Two mortgages on one property

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  • 21-07-2009 8:09pm
    #1
    prem_vw
    Closed Accounts Posts: 29 ✭


    hi All,

    I have two mortgages with the same bank for my house. One is a fixed rate while the other a tracker mortgage. The 3 year term for the fixed mortgage is almost up. I was wondering if I could now transfer the fixed term mortgage back into the original tracker mortgage and just have one mortgage?
    I originally had one tracker mortgage in the past but changed this when rates were going up. I thought 2 mortgages was a good way of splitting the risk. However I can save about 200 euro a month if I switch over to a tracker, well at the moment anyhow.


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Not possible. I doubt your bank is going to offer you a tracker rate when you roll off the fixed rate. The only way you would be able to get one mortgage is to redraw the mortgage. However you will loose the tracker rate.


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    #3
    BankMan
    Closed Accounts Posts: 143 ✭✭BankMan


    prem_vw wrote: »
    hi All,

    I have two mortgages with the same bank for my house. One is a fixed rate while the other a tracker mortgage. The 3 year term for the fixed mortgage is almost up. I was wondering if I could now transfer the fixed term mortgage back into the original tracker mortgage and just have one mortgage?
    I originally had one tracker mortgage in the past but changed this when rates were going up. I thought 2 mortgages was a good way of splitting the risk. However I can save about 200 euro a month if I switch over to a tracker, well at the moment anyhow.


    Nope, not a chance.


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