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2 interest rates for mortgage

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  • 16-03-2012 11:29am
    #1
    jack77
    Registered Users Posts: 115 ✭✭


    Hi all, If i was to get equity released on my mortgage, is it charged at 2 different rates? i have a tracker and don't want to lose this, would it still be possible to keep the tracker rate on the original mortgage and have a new rate on the equity released? also does equity release have to be with my current provider as they hold the original deeds etc?
    Thanks for any replies


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    #2
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    You should apply for a top-up with your current provider and insist that they set up a separate account for it, thus maintaining your tracker on the original loan.

    It has to be with the same lender as you won't get two lenders agreeing to a charge over the same residential property unless it's worth millions and so are you. ;)


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    #3
    spygirl
    Registered Users Posts: 344 ✭✭spygirl


    We got an equity release with PTSB and we still have the tracker on the origional mortgage.Interest on the 2nd one is about double what we are paying on the Mortgage.


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