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Moving house, can I keep my tracker mortgage?

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  • 20-09-2016 11:15am
    #1
    Sniipe
    Registered Users Posts: 2,932 ✭✭✭


    I saw a house the other day and its a bit more than my current house (guess). I have a tracker and I'm wondering if I can keep it and get another mortgage for the difference? Do banks do this? I would have savings (but not enough for the difference).


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    Please do not start multiple threads on the same/very similar topic.


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    #3
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    There are some banks that will do this. I'd speak to the bank's mortgage people to understand what they will do before you set your heart on moving.

    Important to note, if you're getting another mortgage to cover the extra, the whole amount will have to qualify under the mortgage rules, i.e. 3.5X your gross income and <80% LTV.


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    #4
    Sniipe
    Registered Users Posts: 2,932 ✭✭✭Sniipe


    Michael D Not Higgins wrote: »
    There are some banks that will do this. I'd speak to the bank's mortgage people to understand what they will do before you set your heart on moving.
    Good advice - I've arranged a meeting to see what could be done. I would be ok with the 3.5X gross income (on the combined mortgage), but don't understand the <80% LTV.


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    #5
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    LTV is loan to value. Since you would qualify as not a first time buyer, your loan would have to be less than 80% of the value of the house. Say you had a house with a value of 400k and equity of 120k in it would mean your current mortgage is at 70% LTV. Now let's say the new house was 450k, you'd need a mortgage for 50k extra, with a total loan of 400-120+50=330k which would be 73% of the value of the new house.


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    #6
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Depends on your own bank. You can only "move" your tracker if you get a mortgage with the same bank. And in most cases they will allow you to keep your tracker rate for a few years, plus an extra couple of %.

    I don't know if any banks are doing a "keep your current tracker for the full term" deals.


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