What happens Tracker Mortgage with PTSB if moving house

782378

I am currently on a tracker mortage with PTSB for my family residence I intend to move to a larger more expensive house early next year.

Will I lose my tracker mortgage or will I have an option to keep my existing tracker and have option to top up with at a fixed or variable rate?

I am reluctant to ask PTSB for advice

Anomic

Yes , you will lose tracker rate , if you make any amendment to existing mortgage. If you request additional funds, more than likely the full amount will be repriced at current rates. Unless PTSB have a facility to leave existing loan as it is, and to price top up as a seperate loan at current rates. Unlikely tho.
Im only speculating tho, assuming PTSB follow same procedures as the Bank I work for. Best thing is speak to mortgage advisor asap, only they can advise you on what way they operate.

Best of luck.

Kennie1

782378 wrote: »

I am currently on a tracker mortage with PTSB for my family residence I intend to move to a larger more expensive house early next year.

Will I lose my tracker mortgage or will I have an option to keep my existing tracker and have option to top up with at a fixed or variable rate?

I am reluctant to ask PTSB for advice

Like 782378 said you will lose tracker rate when you move home, have no doubt about it. It may be worth while asking PTSB to buy your tracker mortgage off you and move to a vairable rate! I have heard of this happening on the news and that the financial regulator was not impressed. Dont know if it was PTSB that was doing this, it still is worth asking!!! Dont tell them you intend to trade up

unclebill98

782378 wrote: »

I am reluctant to ask PTSB for advice

Well you not going to get the right answer to your situation here!!!

Loosing you TM will depend if your paying it off in full or are you releasing equity to purchase the newer home?

3DataModem

You should treat the TM as an asset, and don't relinquish it without good reason.