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Mortgage Question

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  • 06-01-2015 12:58am
    #1
    Moggaman
    Registered Users Posts: 350 ✭✭


    So would a bank go for this?
    I currently have a 300k mortgage to Ulster Bank for the building of my home.I pay say 1000 euro a month.
    I now propose to sell this home and build again.
    I have ECB plus 1% tracker.
    I want to sell the house, keep the proceeds, use the proceeds to build anew & use the new build as collatoral on the existing mortgage.
    Clearly they want to get everyone off trackers but they are meant to be open minded these days.............arent they?


Comments

  • Options
    #2
    NIMAN
    Registered Users Posts: 33,607 ✭✭✭✭NIMAN


    Simple answer, no.

    Once you sell a house, afaik you must close out the mortgage that is on that property with the proceeds.


  • Options
    #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Going through the process of buying and using Ulsterbank. Not a chance they're going to let me keep my tracker, have a right down or indeed stop pissing me about.

    Best of luck OP.


  • Options
    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    The mortgage is on the property so when you sell you must clear the mortgage and then apply for a new mortgage on the new property.

    Are you in negative equity with your existing property? - Ulster Bank offer Negative Equity Mortgages and you can bring the negative equity amount to the new mortgage subject to conditions. They will also allow you to bring your tracker of 300k to the new mortgage plus a margin depending on loan to value for a period of up to 5 years.

    You need to talk to Ulster bank who will discuss all the options open to you.

    Trish


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