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Second mortgage tracker

  • 17-12-2016 9:29am
    #1
    lbyrne121
    Registered Users Posts: 206 ✭✭


    I have a residential tracker mortgage with ptsb on a small 2 bed apartment in negative equity which I plan to rent out and not sell and go for another mortgage with a lender that is not PTSB.

    Has anyone been in this situation and kept there tracker? If I go to another lender will they inform PTSB that I am going for another mortgage?
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Comments

  • #2
    average_runner
    Registered Users, Registered Users 2 Posts: 12,853 ✭✭✭✭average_runner


    lbyrne121 wrote: »
    I have a residential tracker mortgage with ptsb on a small 2 bed apartment in negative equity which I plan to rent out and not sell and go for another mortgage with a lender that is not PTSB.

    Has anyone been in this situation and kept there tracker? If I go to another lender will they inform PTSB that I am going for another mortgage?



    If your renting out you will lose the tracker as far as I know.


  • #3
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    No the other bank won't inform them so say nothing yourself and you'll be grand.

    Don't change your postal address for PTSB stuff either and use email as your preferred method of communication if possible.


  • #4
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Thank you super sonic.. Just that I was filling in application and it asked for mortgage account number which I thought was a way of them able to contact ptsb?


  • #5
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    lbyrne121 wrote: »
    Thank you super sonic.. Just that I was filling in application and it asked for mortgage account number which I thought was a way of them able to contact ptsb?

    What I'm saying may not be the completely moral way of looking at things but the other bank wouldn't care about informing PTSB. They will want to know details and proof like how much money and time is left on the mortgage and what the rate is in order to check if you can afford the second mortgage. In fact it is in the other banks interest that you keep the tracker as it would make it more likely that you would go for the second mortgage with them.

    Again, not the moral way but that's the reality from what I know.


  • #6
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Dont tell the bank. But do inform Revenue. AFAIK Revenue wont tell the bank, they will just update it on the Revenue systems


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  • #7
    Richard571
    Registered Users, Registered Users 2 Posts: 103 ✭✭Richard571


    We were in the same position with PTSB and they let us keep tracker on old property; we also got the new mortgage with them which may have helped.


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