# Quick question regarding former FA (now Ulster Bank) tracker.



## finny (6 Feb 2016)

Hello. I'm hoping to tap into the brains trust and get some input regarding my tracker.

I bought a "buy-to-let" apartment in Dublin in 2008- interest free for first 5 years.

Repayments are now 2000 per month. With all the extra costs (management company fees, property tax, repairs, income tax etc) I'm funding approx 800 euro per month after rental income. I'm an accidental landlord and really want to exit the situation.

I'd like to port the tracker mortgage under UB's current tracker mover product to a residential home for my family as there's no way we could live long term in the buy to let (we're currently living abroad but will relocate back to Ireland this year).

My two questions are:

1. Does anyone have any idea how long this tracker mover product will remain available?

2. Does anyone know whether the tracker mover product is available for a "buy-to-let" to "principal private residence" purchase? As it stands, and with the current rental market we would be financially better off to move the tracker as opposed to renting a family home and funding the shortfall for mortgage repayments.

I will contact UB soon but just wondering whether anyone here has any experience in this regard.

Thanks!


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## corktim (6 Mar 2016)

You can't move a tracker from a BTL to a home loan.


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## cremeegg (6 Mar 2016)

Ulster Bank bought First Active and they are completely at sea dealing with some of the more unusual FA products. 

Their staff are clueless and unbelievably arrogant. It is entirely possible that they won't realise its a buy to let. 

Their IT system does not hold detailed records of the FA loans and they won't or can't look at the original documentation. I say all this from extensive first hand experience.

So my advice is ask, you never know.


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## Monbretia (6 Mar 2016)

Was it bought as a BTL or did you live in it originally?   The fact that it was interest only for first 5 yrs would make it seem it was an actual BTL mortgage.   You could just take a chance and ask but the FA BTLs were designated on the system as BTLs and in 2008 UB already owned FA so the lending was being done in the same place in Head Office and on the same systems.

If it was a much older loan there would be a better chance of UB not having a clue what it was one way or the other.

Can you move back into it for a while when you move home, would that get it reclassified to a home loan and eligible for moving?

cremeegg - they could look at the original files if they wanted, they were all boxed up and sent to Iron Mountain, now whether they would understand what they saw or not is another question


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## corktim (6 Mar 2016)

I'd be very surprised if they didn't go through every shred of paper before allowing you to keep a tracker. All they need to check is the original letter of offer which wil show it was a BTL.

All they can say is no.


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## finny (7 Mar 2016)

The loan offer document clearly states "buy to let". I'd like to ask but unfortunately I need to go into a branch to discuss. I am in Australia still. The call back option isn't for people outside Ireland. I was on the phone to them recently trying to get through to a "mortgage specialist" and failed. 

We could move in for 6 months or so but I'm not sure they'd reclassify it. I did live in it and the only reason I don't now is because I'm here in Aus and we've outgrown.


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