# Is it possible to move home and retain a tracker mortgage??



## Mr R

Hi all.
I have a tracker mortgage with ICS (Bank of Ireland)
I owe approx. 300k on a property that's worth approx 250k.
Due to a change in my health I require ground floor accommodation (i.e. Bungalow)
Is it possible for me to sell my current home, buy a new one and take my tracker mortgage with me?
I'll be calling ICS tomorrow, but any advice here would be much appreciated.
Thanks.


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## PaddyBloggit

There may be hope:

http://www.independent.ie/business/...nd-keep-their-tracker-mortgages-29279412.html


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## Mr R

Thanks Paddy. I saw that this morning. Unfortunately BOI are only offering it for 5 years. Looks like permanent tsb are going to allow permanent transfers.


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## WizardDr

Mr R
Go into your nearest BoI Branch and formally look for it- they will deal with ICS cases as well.


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## Luternau

Mr R said:


> Unfortunately BOI are only offering it for 5 years. Looks like permanent tsb are going to allow permanent transfers.



Remember, on top of the 5yr limit, BOI will add 1% to your current Margin from day one. So if your margin is currently 1% plus ECB, and you switch, it becomes 2% plus ECB. Still better than a new variable with them.


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## WizardDr

@LUternau - they may not. There is a definite 'carry your tracker' product but its under the table - you have to negotiate sensibly without emotion. There are deals to be done.

The only negative is people may not feel confident themselves - people can get others to act.


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## doddery

In relation to the article above -
"the tracker rate will apply to the outstanding amount of the mortgage. Extra money needed to buy a new property will have to be borrowed at a variable or a fixed rate."

Can i take it that if you have a tracker mortgage of 300k at ECB + 1%, you sell the existing house for 250k, and you then need 275k to purchase the new home , the  banks will offer you 

50k @ your tracker rate
275k at the SVR 

or is it possible they are offering something more advantagous here?
i know BOI are liminting this to 5 years and PTSB have yet to comment


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## dec1892

According to the Indo, it looks like AIB are to follow in the footsteps of the other banks and allow people move while keeping the tracker.....

http://www.independent.ie/business/...-let-movers-keep-their-trackers-29289720.html


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## serotoninsid

I take it that its safe to assume that this will be confined to the irish banks. i.e. there isnt a chance in hell of nib/danske offering something like this right?


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## micheller

It also currently reads as only for negative equity and trade down customers?

Can I safely assume also, that if you want to move for more space and have a performing loan (non-arrears) and not in negative equity that you will not be allowed this option?


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## dec1892

With Ulster Bank and BOI, is the condition to carry the tracker with you only allowed for negative equity customers?

I'm with AIB and on a good tracker and lucky to be in a position of positive equity - but would like to trade up to a bigger house keeping the tracker on the portion of my current mortgage.......is this on the table at all with any banks?


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## Irish Summer

I bought a house in 2004 with FA > Ulster Bank, I was the sole applicant. I'm currently on a tracker but in negative equity, no arrears and no late payments or issues of any kind.

Earnings are now up substantially and I am looking to buy with my wife and our combined earnings are good enough to qualify for a larger mortgage. We have a lump sum saved in excess of 20% of new home price.

Does anyone know if I sold my house can I transfer my tracker portion of existing debt to new mortgage? Does anyone have information about the Ulster Bank 'keep your tracker' scheme? I can't find any information on their web site and don't know what the qualification criteria is or if negative equity disqualifies us.

Thanks.


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