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Ulster Bank moving home/mortgage issue [was Help plz!]

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  • 02-02-2013 12:36am
    #1
    juniorballyc
    Registered Users Posts: 42 ✭


    Hi all, I know I'm diggin up an old thread but we are currently in talks with ulster bank regarding our offset mortgage and we are getting different answers every day.
    Our house is up for sale for few years - ovb not going to sell, but we have been saving and can raise the most part of cost of new build.
    We can finance 80k, and We have been told by ulster bank that we can draw down remaining facility circa 27k then get a top up and move mortgage to new build.
    However today they have told us that we can't move mortgage unless we sell house, even though the mortgage seems to be tied to us and not property. Also they are now saying that the top up we were going to get had to be a new mortgage and to apply for it we need to extend our planning as we only have 4 mths left on planning and bank wants 18mths.

    Has anyone any advice on this matter? W are totally dejected and builders started last week....


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Please don't raise old threads. I've split this into one of it's own for you.


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    #3
    phormium
    Registered Users Posts: 3,339 ✭✭✭phormium


    The mortgage is attached to the property, that is the security for it but if you are not selling the first house why transfer it at all? You could still draw down the available facility, is it because of the top up amount?

    Looks like they don't want to give you a top up on the existing mortgage and want you to take out a new mortgage on the property you are building, I could see why they would have a problem with the planning in this case.

    Rameire is the person to answer this.


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    #4
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    The offset has a house move process in the ts and cs
    so you are entitled to move the offset mortgage to a new property without any negative effects
    but you need to sell the old property.
    I dont think you can just move the offset from one of your properties to another property.
    What were you going to do with the old property if not going to sell it, how were you going to mortgage it.

    you should be able to get the facility release easily, i think they have changed certain criteria to jump through, so its not as easy as a few years ago.

    It looks like that the top up has been tied into the house move, so you will not receive the top up funds until the house move is completed.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #5
    juniorballyc
    Registered Users Posts: 42 ✭juniorballyc


    Thanks guys, good to get your point of views.
    We have been trying to sell our house for few years- plan is to rent it out when we move in to the new build.
    So looks like our only option is (without selling the house), build away using our own funds, draw down the facility (in doing this we have to assign our life cover to ulster bank, currently it's assigned to us), apply for a new mortgage instead of a top up. We can only get the top up on the offset if house is sold.
    Do all banks need 18mths left in planning do you know?
    Thanks a mill for help.


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