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(Another) Tracker question, need help please.

  • 22-01-2013 12:25am
    #1
    Outsidethebox
    Registered Users Posts: 139 ✭✭


    This has quite possibly been mentioned here already and humblest apologies if it has but we've a query.

    The wife and myself have a mortgage with PTSB since 2007 we were fixed for two years and have been on a tracker since 2009.

    Basically we are looking to build on to our place (or possibly buy the neighbours place and knock through) We've started to multiply and need a bit more room.

    1, If we are to add 50/60 to our current mortgage would we lose the tracker?

    2, Could we approach another bank about a large loan/second mortgage.

    Thanks for any replies,
    OTB.


Comments

  • #2
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,664 ✭✭✭makeorbrake


    Outsidethebox wrote: »
    1, If we are to add 50/60 to our current mortgage would we lose the tracker?
    I'm open to correction but the only bank that officially has a policy of allowing this OR allowing a customer to trade up without loss of tracker is Ulster Bank. However, let that not stop you running it by PTSB.
    Outsidethebox wrote: »
    2, Could we approach another bank about a large loan/second mortgage.
    A large loan would be the worst thing in the world. You just have to look at loan rates to see just how horrendous it would be!
    That leaves a second mortgage...
    I doubt this will work out as a feasible option for you...which takes you back to the first point...I think thats what you need to pursue...OR ....keep saving - and deal with it when you have cash in hand.


  • #3
    roro2
    Registered Users, Registered Users 2 Posts: 412 ✭✭roro2


    You shouldn't lose your Tracker if you topped up the existing mortgage - any top-up will not be on a Tracker rate though. It will be another story trying to get PTSB to release the €50-60k - this will depend on affordability, the amount of positive equity currently, etc. At least PTSB are talking about increasing the amount of lending they will do in 2013, following tiny volumes in 2012.

    Borrowing from another bank is unlikely to be a runner - in terms of a mortgage, the second bank would need to take a second charge over the positive equity currently in the property and would need the agreement of both banks. This was tricky enough in boom times! The amount you are looking for will also probably be too high for a personal loan.


  • #4
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    the above is a word perfect answer


  • #5
    Outsidethebox
    Registered Users Posts: 139 ✭✭Outsidethebox


    Thanks for the replies folks, going to ring PTSB this evening and see what the story is.

    Go raibh maith agaibh,
    OTB.


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