# Will I lose my tracker mortgage?



## BoringJoe (29 Mar 2011)

Hi All - First time poster long time reader.

I hope someone can help.

Myself and my wife have a meeting with our bank next week to discuss a mortgage for our new home that we are building. We have about 50% of the amount we require in savings.

We currently own two houses - each in our own names and bought before we married. Both houses have been recently rented out due to new jobs in other parts of the country so we are renting until we finish building.

My house is currently on a tracker mortgage - If we apply for a new mortgage for our new house can the bank decide to take this tracker away or is this a myth?

Both mortgages are with BOI and this is who we will be seeking a 3rd mortgage from.


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## Brendan Burgess (29 Mar 2011)

Hi Joe

No, Bank of Ireland cannot take your tracker mortgage away from you.

Nor are they obliged to offer you a third mortgage for the new house. 

They might suggest, and it might be worth considering, selling one or both homes to reduce your exposure to the property market. 

Brendan


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## NorfBank (29 Mar 2011)

_*Both houses have been recently rented out due to new jobs in other parts of the country*_

So they are now investment mortgages but they were residential tracker mortgages when you first took them out?

If so, BOI might have grounds to put you on an investment rate instead of the tracker unfortunately depending on what your loan offer stipulates.


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## eggerb (29 Mar 2011)

Had some routine dealings with BoI Mortgages recently and I was asked "Are you currently living in the house?". I replied of course I am and if I wasn't I wouldn't be claiming Mortgage Interest TRS. 
I am on a tracker. I don't think they were looking after Revenue's interests. I suspect, that may have had the bank interests and my tracker rate in mind!


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## BoringJoe (29 Mar 2011)

Hi Norfbank,

Yes that is what Im afriad of - Im not sure what the loan offer stipulates - Should it distinctly state somewhere in the offer terms and conditions for the tracker mortgage


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