KeepIng my Tracker Mortgage

David1997

Just a query regarding moving house.

Currently have around €130k left on my mortgage. In positive equity, house is worth €250k+. Have spotted a house we'd love, valued at €350k. Have a tracker mortgage with KBC at the moment, was wondering would anyone know would I lose my tracker by moving house? If so it's not really viable but would love some opinions.

cursai

I dont know. A house is a house and can be adjusted to make you happy. But to take on more debt just for a fancier box.

David1997

cursai wrote: »

I dont know. A house is a house and can be adjusted to make you happy. But to take on more debt just for a fancier box.

I'd also be hoping mine is worth a good bit more than the €250k mark, it's a dream house.

sweetie

David1997 wrote: »

Just a query regarding moving house.

Currently have around €130k left on my mortgage. In positive equity, house is worth €250k+. Have spotted a house we'd love, valued at €350k. Have a tracker mortgage with KBC at the moment, was wondering would anyone know would I lose my tracker by moving house? If so it's not really viable but would love some opinions.

You would have to ask your bank unless you didn't tell them.

cursai wrote: »

I dont know. A house is a house and can be adjusted to make you happy. But to take on more debt just for a fancier box.

jeez, thats helpful

Gumbo

cursai wrote: »

I dont know. A house is a house and can be adjusted to make you happy. But to take on more debt just for a fancier box.

Once the debt can be serviced there's absolutely nothing wrong with it.

bren2002

Do you mean if you sell your current house and buy the the dream house?
Yes you will lose your tracker.

You repay the original mortgage from the sale of house #1 and apply for a new mortgage to buy #2.

Outkast_IRE

I think keeping the tracker can be done.

A colleague of mine only moved homes a few months ago and he was able to keep his tracker, but he knew the ins and outs before talking to the bank. They certainly were in no hurry to point out to him he could keep it.

seamus

A lot of banks are running tracker upgrade promotions at the moment.

The end result is to convince people to leave their trackers by allowing them to keep their tracker rate for a certain period of time (it's usually around five years).

Typically however the primary requirement is that you are already a mortgage customer of that bank - i.e. banks won't let you take your tracker across from another bank.

So you'll need to ring KBC and find out what's available.

In your case you'd need an extra €100k mortgage. So KBC give you your existing mortgage amount at the tracker rate (plus a little extra), and the €100k at their current rates. After the tracker period ends, the whole thing reverts to the same rate.

fyfe79

I see the PTSB offer a 'Tracker Portability' option. Their site says "The maximum term you can avail of is the current term remaining of the primary mortgage". This is interesting. I'm currently overpaying my tracker with the view to upgrading in a few years. Does this mean then that I could get a tracker on my next mortgage for the original term remaining on my existing mortgage (say, 10 years), even if I have actually paid back the tracker in full through overpayment? If so, this would be a fantastic help towards repaying the next mortgage.

SteM

OP, how many years left on your current mortgage repayment? You may be able to keep your tracker, but let's face it banks are doing everything they can to get customers off their trackers. Only they will be able to tell you for sure. You'll be paying off your current mortgage with the house sale and essentially taking out a new mortgage for the new house, if it's not in the interests of the bank to give you the low tracker rate then they probably won't.

David1997

Had own house valued today at €320-340k so a big surprise which gives us some space. Getting a second opinion though. Was talking to KBC briefly and basically was told I could pay the remainder of my current mortgage on my tracker and the rest at a different rate which at first I thought ruled the whole thing out as there was no way I could pay 2 mortgages a month! But the guy I was talking to said that he wasn't the best person to talk to and that keeping my tracker could possibly be done.

Thanks for all the input everyone!

T-Maxx

BoI have a tracker + 1% for 5 years promo atm.