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Moving tracker mortgage?

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  • 26-06-2015 2:52pm
    #1
    creme egg
    Registered Users Posts: 112 ✭✭


    Hi all,
    I have a feeling I know the answer to this before I begin, but.....
    We currently have a tracker mortgage with Ulster Bank and want to move house. In a perfect world I would like to keep the tracker and borrow additional funds for the trade up.
    We've spoken to Ulster Bank and they have no problem with giving us approval for the additional we require but they will not let us keep the tracker.

    Is there any bank out there that would accept a tracker with an additional 1% on top or something and then whatever extra we need at a standard rate

    TIA
    crème egg


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    No other bank is going to give you a tracker switch from another bank, why would they! Are UB allowing you keep the portion outstanding as a tracker with the just the extra at variable or what, do they not have some scheme to allow you upgrade while holding the tracker or some version of it for a limited time? Thought I saw it mentioned somewhere.

    I don't suppose it is a current account/offset mortgage you have with UB, a relic of the old First Active accounts? They are tracker mortgages and can be moved from property to property and retain the amount outstanding at the same tracker rate which I think is 1.15% over ECB, have one myself but not totally sure of the rate as I don't pay any interest due to the offsetting arrangement.


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    #3
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    As far as I know Ulster Bank do allow you retain the tracker part of the loan plus 2% for a period of 5 years and then the loan reverts to a standard variable rate of 4.30%.


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