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Transferring a tracker Mortgage .

  • 14-08-2016 6:38pm
    #1
    Juwwi
    Registered Users, Registered Users 2 Posts: 4,250 ✭✭✭


    Hi has anyone any experience of bringing a tracker mortgage from one property to another .

    I currently have a tracker mortgage and would like to upgrade .

    Current property isn't in any negative equity ,probably worth a small bit more than owed .

    What l would ideally like to do is sell current property and buy new property bringing current mortgage and paying the difference in cash from savings .

    Looking on Ulster Bank site it looks like they do transfer trackers but with a higher interest rate for 10 years then the remaining on a variable rate .

    What I'm not sure is will they look to payoff the original mortgage from the sale and then give a new mortgage with new terms and start looking for pay slips and bank statements or would it be a straight forward swap with no questions of payslips ?

    Any advice welcome thanks .


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Yes they will look to clear the first mortgage from the sale proceeds so that the deeds can be released for the sale and they will underwrite the new mortgage based on income etc.

    Unless of course you have a current account/offset tracker mortgage through UB, they are transferrable between properties.

    Not sure what their policy is on bringing an ordinary tracker to a new property, some are only for properties in negative equity. Either way the original mortgage has to be cleared and a new one started up.


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