Buying new house- mortgage options

Hi All,

I have a house in my name and have a joint mortgage( myself+spouse) with NIB(Dankse bank ) on ECB tracker. This is our principal private residence and was never rented out to any one.
I am planning to buy a new house and it will be joint mortgage ( myself+spouse) with different bank. This house will be registered in joint names.

I plan to move into new house asap , but spouse is gonna stay for one more year in existing house and eventually spouse will also move with me in my new house after a year.

Ques- Which will be considered as a principal private residence?

Ques- Will my existing house mortgage change from ECB tracker to investment property tracker as loan agreement has this clause? When does it change as my spouse will still be staying in existing house for at least a year?

What about TRS on my existing house, as currently I get TRS on my existing house as a first time buyer? Does this TRS for existing house stop when I buy new house?
Do I need to speak to my existing bank for this new property and change over to new interest rate? Or do they get notified automatically?

I really want to hold on to ECB tracker for my existing house. How can it be achieved? Does NIB bank really force for switching to investment interest rate? Has anyone seen this happening?

Regards
David

I have a tracker on our current home with Danske (NIB).
We recently bought a new house, and we'll be moving in soon. We will then be looking to sell up, but that will take a little while. I'm haven't informed Danske.
I don't know if we're required to do so, but I suspect as long as you are meeting your repayments, nothing will happen.

Thanks John.

davidgalaxys3 said:

Ques- Which will be considered as a principal private residence?

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The house you live in, where you receive your regular mail, etc, will be considered your principal private residence.

davidgalaxys3 said:

Ques- Will my existing house mortgage change from ECB tracker to investment property tracker as loan agreement has this clause? When does it change as my spouse will still be staying in existing house for at least a year?

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My PPR during the boom had a BOI tracker.
When I moved out and rented it out I said nothing to the bank. All mortgage related mail still goes there. Four years later I'm still on my tracker of ECB + 1%.

davidgalaxys3 said:

What about TRS on my existing house, as currently I get TRS on my existing house as a first time buyer?

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I contacted Revenue and asked them to cancel my TRS as I was no longer eligible. Whether they'd have ever found out is debatable but likely, imo.

Thanks Drakon
it was helpful