Ditch Tracker or Keep it !!!

ButtUcks

We have an AIB tracker mortgage (in positive equity) on our existing 3 bed property .
We have decided to sell as we now have 3 kids, (7yrs and under) and we need to purchase a 4 bed. Plus, the area we are in is somewhere where we no longer want to live.

Our property is in the process of been sold, sale price has been agreed, deposit put down and both sets of solicitor's are dealing with it. The buyer (cash buyer) wants a quick sale done.

Initially, we too wanted the sale to be completed quickly, however, since AIB will be (June-ish) allowing switcher tracker mortgages to be brought over to another property, we are wondering if we are doing the right thing.

Our existing mortgage is €107k and there's 11 years remaining, AIB will allow us to bring that amount over to the new mortgage at the current ECB rate + 1%.
They will also give us a maximum of 153k but only over 18 years (I'm 46yrs) at the current variable rate.
These combined repayments are too much for us, circa €1,927 per month, based on a maximum term of 18yrs.

PTSB will give us a variable rate mortgage (260k) over 24yrs therefore the repayments will be much lower/easier to manage, yet variable rates are a risk.


Should we slow the sale (if the buyer is happy to!!) until AIB have their Tracker Mortgage Package sorted - this will allow us then to find a property and bring the tracker with us.
Should we sell now, accept the loss of the tracker mortgage & take out a mortgage with PTSB??

Any other ideas out there that we may not have considered??

murphaph

Are you sure the AIB offer is ECB + 1%? I think it's your current Margin plus another 1%.

Nervous Wreck

murphaph wrote: »

Are you sure the AIB offer is ECB + 1%? I think it's your current Margin plus another 1%.

This.

ButtUcks

murphaph wrote: »

Are you sure the AIB offer is ECB + 1%? I think it's your current Margin plus another 1%.

Yes, you are correct there.