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Second Mortgage and Tracker

  • 16-12-2016 3:26pm
    #1
    lbyrne121
    Registered Users Posts: 206 ✭✭


    Hi

    Advice needed, I plan to go for a second mortgage, current property is only a 2 bed and too small.  Therefore going for a second mortgage.  My current mortgage is a tracker mortgage with PTSB.  Will I lose my tracker if I go for a mortgage with another bank (not PTSB) for second mortgage?  Will other banks inform PTSB.

    Thanks


Comments

  • #2
    DubCount
    Registered Users, Registered Users 2 Posts: 1,090 ✭✭✭DubCount


    To have any chance of staying on tracker, I reckon you will need to stay with PTSB. If you are looking to trade up, your existing mortgage will have to be paid off as part of the sale of your existing home. Any bank providing a new mortgage on a new property will want to hold the deeds of the new house and will want the entire mortgage(s) with them. PTSB may agree to give you back your existing tracker, but I cant see any other bank giving you this deal.


  • #3
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Sorry I don't know if I was clear.. I don't plan to sell the current property I am in but rent it out as I am in negative equity on mortgage but plan to buy a house. What I was wondering was when I got for new mortgage will bank of Ireland inform ptsb that I am going for a mortgage on new property


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