# Tracker mortgage with prepayment balance



## 12345678 (19 Feb 2021)

Hi
I have a tracker mortgage with PTSB and over the last number of years I have included a top up prepayment every month.
There is now a prepayment balance of 70000 and there is 12 years left on the mortgage. If I carry on the with my current prepayments I will have it paid in about 4 years time.
I am interested in purchasing a rental property and I would need a mortgage of about 70000 to acquire it.
Do you think it is possible to retrieve that 70000 that is sitting in the mortgage account instead of having to get a full new mortgage.
Any help would be appreciated


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## Ravima (24 Feb 2021)

you mean transfer the mortgage?

not all banks will do that and those that do, will charge a hefty margin over the ECB rate, much higher than what you're paying at present.


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## Monbretia (24 Feb 2021)

You'll have to ask them, some banks just leave that prepayment sitting there and it used to be able to be drawn down again but only your bank can answer the question really.


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## peemac (7 Mar 2021)

answered here




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						How do ptsb mortgage overpayments work?
					

Hi , I have a mortgage with PTSB and over the last 4 years i have been overpaying. These payments are held in the mortgage account as Prepayment but haven't come off the total mortgage amount. We were told that the interest is only calculated on the total amount we owe minus the prepayments...



					www.askaboutmoney.com
				




You can't withdraw the 70k, but you can take a payment holiday and the overpayment balance will be used. So if the monthly payment was €2,000, you could take a 35 month payment holiday


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