# Can i keep my tracker mortgage on new house?



## bonzos (8 Mar 2010)

Hi guys, Here is my situation i have tracker mortgage at the moment on my home. I owe about €120k my house and may have a buyer for it at €180k.I have planning permission on a site and intend to build when i sell this house . My question is will i be able to keep my tracker mortgage on my new build after i sell or would i be better off to start the new house and borrow on my existing tracker mortgage?


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## MentalNote (8 Mar 2010)

No you won't be able to keep your tracker mortgage if you sell. It's tied to the house you currently own, and will have to be cleared down for you to complete the sale.

I also assume it won't be possible to draw down more cash on the existing mortgage for work on a building other than the one it is tied to. Even if it was, the bank would probably insist on moving you off the tracker if you wanted to release equity.


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