# Moving a Tracker Mortgage to a new build



## nowhere123 (17 Jan 2019)

Do any banks support moving a tracker mortgage from one home to a yet to be built home?

The scenario: 
Principal Private Dwelling Mortgage - 120k
House Value: 300k
Tracker Rate: 0.85%

I plan to sell my PPD to free up equity to go towards the construction of a new build. 

Wondering if the bank will allow me take the 120k i currently owe on my PPD and use it to fund the construction of the new build.


----------



## RedOnion (17 Jan 2019)

Which bank?
You might need to draw down the funds within 6 months.
Easiest way to get an answer is to call your bank (what the other banks might allow is irrelevant).


----------



## nowhere123 (17 Jan 2019)

RedOnion said:


> Which bank?



EBS. 

I plan to talk to them eventually. Just wondering if this type of service / product is offered. 
Thanks.


----------



## RedOnion (17 Jan 2019)

EBS have a comprehensive document on tracker retention. They also have lots of info about self build mortgages. However, neither seems to reference the other, but logically you should be able to. AIB allow it (once you already own the site, I think).

It's really a question for EBS. I can see the requirement to draw down within 6 months being an issue.


----------



## nh2019 (27 Feb 2019)

"Once you still have an existing tracker loan live at the time of application (in my case approval in principle), the tracker offer is valid for the period of the AIP approval. After that, as long as we are still offering the tracker product - and assuming affordability etc doesn't change - we will issue another AIP, or upgrade to full offer if you find a property, and tracker offer will still apply."

 Their approvals in principle are 12 months long. That is only in relation to the 6 months period, not type of property. I think they had the 6 months restriction last year.


----------

