# Trading up – keeping Ulster Bank tracker and bringing debt with you?



## muffin1973 (18 Jun 2012)

Hi all
Just wondering if anyone has managed to avail of Ulster Bank’s offer of selling your house at a loss, keeping your tracker and buying another house while taking the loss from your first house with you?  Myself and my husband would be very interested in this if it actually was feasible, so just wondering has anyone done it yet? 
M


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## Bearty (12 Jul 2012)

Hi Muffin, just wondering if you got any feedback on this or if youve had any advice from UB yet?  We are also  UB tracker with NE and looking to trade up.


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## muffin1973 (12 Jul 2012)

Hi Bearty

unfortunately not!  Would have liked to find out if anyone else on here had done this with UB but I supopse as it's such a new product and maybe UB aren't really letting people do it that much, I shouldn't be surprised.

We haven't looked into it yet, but it's still something we would like to do.

Are you thinking of looking into it yourselves?

M


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## Working mam (12 Jul 2012)

From what I've read up on NE mortgages, this product with UB allows you to move your tracker but is not applicable to those in NE. Might be worth giving them a call to see if they are doing any kind of mortgage to suit your situation


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## Bearty (13 Jul 2012)

I would have liked to see how others were getting on with it too, but theres not much talk of it.  I called a mortgage broker yday just to see had they any experience of it and they had only dealt with a BOI NE mortgage.  Initially the press were saying it did apply to those in negative equity (although I dont think this was specifically mentioned either way in the official press release) but they are certainly not freely advertising it on their website etc.  I might wait another week or so and then call them, just a bit reluctant to at the min as Id imagine its total chaos in UB at the mo with all the IT system failures etc!


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## muffin1973 (16 Jul 2012)

Working Mam I thought when I read about it that the whole point was to allow people in NE to move, keep their tracker for the debt they bring with them (after selling their house) but then to be put on a fixed or variable rate mortgage for the ‘new’ mortgage?  
Bearty, I’m the same, very reluctant to be the first to ask about this, I’d rather see it established first and then look into it.   As you say, with Ulster Bank in the mess it’s in at the moment, they’ll probably be prioritising sorting out the technical issues they’ve had as opposed to dealing with this product at the moment... Would you let me know if you do contact them about it?


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## Bearty (16 Jul 2012)

Hi Muffin, so I was passing a branch on Saturday so I popped in to see what they said.  To be honest the guy I was dealing with was fairly clueless and not very confident in any info I managed to drag out of him!  He said in order to keep the tracker (on debt leftover after sale) you needed at least 120% LTV on current mtg(i.e. before the trade up /down).  He did say this is likely to increase over the next year but he didnt know by how much.  He confirmed you will need at least 10% deposit as standard for new house.  He said he personally had not processed any such applications yet but has had a number of customers enquiring.  To be honest he wouldnt even look up my account or go through the usual motions of going through the repayment / borrowing calculators or enquire re salaries or other loans etc and I felt like he couldnt wait for me to get out of his office! His advice was to make an official application through their mortgage centre (although he himself said he was the mtg advisor in branch!).  Another option he suggested was to apply to a diff instituition for a second mtg as they would be only concerned with repayment capacity of new and existing loans and not the high negative equity on our current home (again Im not 100% confident that this would be the case). I am going to try speak to someone in their mtg centre and will also contact other banks to see what they say.  We dont even have a deposit fully saved yet but it would be nice to know what Im supposed to be working towards and to have some guidance in place as to where we stand and how we can make it happen!!!


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## Working mam (16 Jul 2012)

muffin1973 said:


> Working Mam I thought when I read about it that the whole point was to allow people in NE to move, keep their tracker for the debt they bring with them (after selling their house) but then to be put on a fixed or variable rate mortgage for the ‘new’ mortgage?
> Bearty, I’m the same, very reluctant to be the first to ask about this, I’d rather see it established first and then look into it. As you say, with Ulster Bank in the mess it’s in at the moment, they’ll probably be prioritising sorting out the technical issues they’ve had as opposed to dealing with this product at the moment... Would you let me know if you do contact them about it?


 
Well from any articles I have read about it (most are dating back to Mar/Apr) when it was first announced, they all stated that it does not apply to those in NE, however they are in discussions with the Central Bank about this. I hope they do something as it will set the ball rolling for other banks to get the finger out and get the property market moving again (hopefully) as I feel there are an awful lot of people with NE(inc myself) desperate to move but with no suitable mortgage products out there to allow them do so. If they come up with a prudent enough policy on this I think there will be a lot of happy people.


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## muffin1973 (17 Jul 2012)

Working mam this is the article I was thinking of 

As you say, either way I hope they do get their act in gear and start offering these products properly.  Thing is, we could both afford a bigger mortgage if we were able to move to a nicer area so we would really benefit from this sort of mortgage.

Bearty, yeah we have a bit saved but nothing major.  It's funny I've recently seen on myhome a few houses in the area I'd be looking at much lower than they have been for a long time.  The guy in that branch sounds absolutely clueless!  How they haven't had a torrent of enquiries about it I don't know.  He obviously didn't have a clue about it.   Fair play asking the question anyway, hope you get further with the mortgage centre!

M


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## Working mam (17 Jul 2012)

Hi muffin1973, thanks for that link, it makes interesting reading. I wonder what sort of ltv's and loan amounts they are going to consider. Im with ptsb and as it says in the article they are only letting customers move to a downgrade which is absolutely no use to me although I'm currently in talks with them about upgrading. It's just so frustrating. Anyway here's hoping something will be done soon and we can get out of these starter homes! Are you in much NE?


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## muffin1973 (17 Jul 2012)

Yep, huge, we bought for Eur370k in 2006, houses are going for about half that now.  It'll take a miracle for us to get out of here I think!!!

You?

M


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## Working mam (18 Jul 2012)

Pretty similar, bought for 381k in 2006, house worth about 180-187k now. We'll just have to keep playing the lotto I think!


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## muffin1973 (18 Jul 2012)

Ah the old stamp duty limit – we were bidding for houses up to that as well, pity we got one!
Was also reading this the other day, very interesting to see the difference it  makes to put more into your mortgage http://www.independent.ie/business/personal-finance/property-mortgages/homeowners-urged-not-to-save-ecb-cut-3165028.html
We’ll be putting in another €100 or so, with the tracker and the new reduction we should be able to afford it.  Hopefully it will make a decent difference in the length of the mortgage/interest as the article says...
Well the euromillions wasn’t won, it’s heading for €100 million on Friday, so make sure you play!


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