# Ulster;got tracker back but had moved home?



## Rosemary (12 Jun 2018)

I have a similar question Brendan, I bought as a first time buyer in 2005 with ulster bank. I was one who was on a tracker and as advised changed to a variable. Repayment went through the roof. 
Life moved on and my husband and 2 children moved to a better location but due to repayment on first house  and negative equality , we had to be somewhat cautious in our move and could not stretch to a bigger house. It then transpired that I was one who was replaced back on the tracker due to “ambiguous and confusing terminology” . This applied to my first house. Obviously this was great but it all happened after we bought our new humble home , mortgage is variable with kbc.
My question is can I transfer this tracker  from house 1 to my current home. I intend on selling  house 1 soon as it’s hard to make end meet with management company fees and tax etc. Value has risen on it . I’ll never meet what I paid for it but I’ll be doing better. 
Also if I have a leg to stand on who do I liaise with as dealing with different banks. I’m very keen to get clarity Brendan
Many thanks


----------



## Brendan Burgess (13 Jun 2018)

You added this question to what appears to be an unrelated thread which is confusing. I have moved it to its own thread.

Before answering, can I clarify what happened here.

1) You bought a family home with a tracker mortgage
2) You were moved to an SVR
3) You bought a new home with an SVR by KBC- what exact date did you do this? 
4) You kept your old house and rented it out
5) You have got the tracker back on what is now an investment property.

What is the balance outstanding on your Ulster Bank mortgage and what is the tracker rate you are now being charged?


Brendan


----------



## Rosemary (13 Jun 2018)

Thank you. So all of the above is correct. To answer you queries. 
I have 160,000 euro mortgage  left on rental house with tracker at 1.05% with ulster.Mortgage on new home commenced May 2016 with kbc. 

Again due to huge repayments on now rental , we were forced to buy new home house of similar size. If we were on tracker at the time we would have financially been able to look at a larger home. Instead we live in a semi d in a housing estate. 
Any advise or direction greatly appreciated. 
R


----------



## Brendan Burgess (13 Jun 2018)

This is very complicated. 



How much was your old home worth in May 2016 and how much did you pay for your new home?  If you had a tracker, how much would  you have spent on the new home? 

Brendan


----------



## Rosemary (14 Jun 2018)

Old house worth about 200k max in 2016. Bought in 2005 for 240k with extra 20k needed for  basics ie tiling, showers, floors, furniture of basic nature. 

If I was on a tracker  right the way through I would have saved over 30,000 which if we had it when purchasing this house would have allowed us buy a bigger home. We bought our current house for 240k in 2016. 

We will never be able to upgrade now with the way prices have gone up.
So to answer your question we would have been able to buy a superior house at the time for  over 270 k . 2016 was a great time to buy a house. 
 Complicated it is and very frustrating. 
Thanks Brendan


----------



## Brendan Burgess (14 Jun 2018)

OK, if you had your tracker back in 2016, you would have had an extra €30k.  But you would have most likely sold your old home and transferred the tracker to your new home.   So you would have had €270k in the market, rather than €440k.  If house prices have gone up by around 20% since then, your two houses have gone up by about €90k. If you had only one house, it would have gone up by €55k. So you have gained €35k by losing your tracker. 

I suggest the following 
1) Sell your current home. You will have a lot of equity in it, I presume. 
2) Sell your investment and move the tracker to your new bigger home. 

Brendan


----------



## peemac (18 Jun 2018)

Original property probably now worth €240k
Mortgage 160k
Equity 80k (probably no capital gains tax as no increase in value from purchase date)
+ €30k redress 

So €110k available from original property. 

New property probably worth 280k now, I'll guess mortgage is about 200k.

So total equity of €190k, take a few bob off for rainy day, circa 150k equity, 200k mortgage,  and you're in market for 350k house.

That 350k house was probably about €300k in 2016.

I see it as an opportunity to get the house you really want and with benefit of a fair whack of the mortgage as a 2.05% tracker.


----------

