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Mortgage Question

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  • 08-03-2013 10:19am
    #1
    SK1979
    Registered Users Posts: 1,510 ✭✭✭


    Hey

    Hoping someone here might be able to help me. I've a strange query that I cant see if it has been asked before.

    I currently have a mortgage with ICS and the remaining loan amount is probably around what the house is worth. However, I have some cash (from savings and a small inheritance) and would love to move house. However, the amount that I currently have a mortgage for is not an amount I would be given now (due to only one of us working now). Is there any way that the bank would allow me to simply move the mortgage to a different house without having to apply for the same loan amount again? In their favour, they would have a pull on a house worth more so it might be in their interest?

    I can service my current mortgage and have never missed a payment in over 7 years but according to their calcs I wouldn't be entittled to the same amount if I applied for a new mortgage now.

    I'm not sure whether the above makes sense, and it seems a bit ridiculous but I thought I'd ask it here before making a fool out of myself talking to the bank!

    Thanks in advance!


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    #2
    just do it
    Registered Users Posts: 5,422 ✭✭✭just do it


    SK1979 wrote: »
    Hey

    Hoping someone here might be able to help me. I've a strange query that I cant see if it has been asked before.

    I currently have a mortgage with ICS and the remaining loan amount is probably around what the house is worth. However, I have some cash (from savings and a small inheritance) and would love to move house. However, the amount that I currently have a mortgage for is not an amount I would be given now (due to only one of us working now). Is there any way that the bank would allow me to simply move the mortgage to a different house without having to apply for the same loan amount again? In their favour, they would have a pull on a house worth more so it might be in their interest?

    I can service my current mortgage and have never missed a payment in over 7 years but according to their calcs I wouldn't be entittled to the same amount if I applied for a new mortgage now.

    I'm not sure whether the above makes sense, and it seems a bit ridiculous but I thought I'd ask it here before making a fool out of myself talking to the bank!

    Thanks in advance!
    If your on a tracker they might let you but insist on a change to a variable rate.


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    #3
    SK1979
    Registered Users Posts: 1,510 ✭✭✭SK1979


    just do it wrote: »
    If your on a tracker they might let you but insist on a change to a variable rate.

    Cheers. Ye I'm on a tracker alright. Might be a bargaining chip I guess. I'll do some more investigating during the week and contact the bank.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    just do it wrote: »
    If your on a tracker they might let you but insist on a change to a variable rate.

    No, a new mortgage would need to be got and since trackers arent a product for new mortgages anymore it would not happen. Getting a new mortgage you would need to go through entire process for approval. Criteria are more than likely tougher now than back when you got the mortgage.


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