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Mortgage Advice on transfering...

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  • 04-12-2013 3:24pm
    #1
    Arddon
    Registered Users Posts: 135 ✭✭


    I purchased a house approx 7yrs ago, during the boom time, and I am now in negative equity to tune of approx €80k-120k, difficult to say exactly, but fairly significantly!

    The mortgage is a tracker with PTSB.

    I got married in the meantime, and my wife has no property, nor is she named on any property, the house is still only in my name.

    We now are in a position where we have started a family, and would like to move out to the country at some point in the not too distant future.

    We are currently looking at buying a site with savings.
    If we proceed to purchase this site, what are our hopes of building on it.
    70-80% of total savings will be used on site purchase.

    Would we be able to sell our house but transfer the tracker to the new property, and use the money raised from sale to start the build?

    In parallel, could she take out a mortgage, say €100k and put this to the build...
    We would therefore have 2 mortgages...I'm guessing this isn't an option?

    Is there anything that can be done, or do PTSB offer any products that allow this?
    I want to keep the tracker, but I want to move and would probably need an additional €80-100k I would imagine to complete a build.


    Any views would be appreciated...we are getting close to putting a lot of money into a field, and we only want to do this if one day we can acquire necessary funds to build in it...


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    #2
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    I cant help with all your questions but it is definitely possible to keep your tracker, a friend of mine moved home last week and kept his. Dunno about the other stuff but I'd imagine its all very situation (read, income) dependent. You'll probably have to go and talk to the bank about it all.


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