Consent to rent on original PTSB tracker, but can we switch our variable???

HyperionDayz

Registered User
Messages
17
Hi All

I'm new to www.askaboutmoney.com, so please forgive any oversights on expected format.

My wife and I purchased a house using a PTSB tracker @ 3.25%+ECB back in 2008 (perfect timing, I know!).

Due to a windfall, we then managed to buy a new house in 2014 using an expensive PTSB variable mortgage while keeping the original tracker in place and renting it out. PTSB were fully aware that we were renting it out and even included this variable in the calculations for the new mortgage, although this is not documented anywhere.

The variable mortgage is quite expensive @ 3.9% with 31 years remaining. We've completed extensive renovations to the property and if the valuation holds up we should have a LTV of <50%.

We'd like to move this mortgage to KBC and fix for 5 years at a rate of 2.8%, but keep everything as it is with PTSB for the original tracker (it's just about nearly out of negative equity at this stage).

I asked PTSB if they could offer a better rate and perhaps match KBC's offer, but the best they could do is 3.7% for 5 years fixed as an existing customer - no willingness to negotiate.

My question is:

  • If we switch the variable mortgage to KBC, is it likely that PTSB will turn around and force us into a BTL mortgage for the tracker?

Many thanks for any input you can provide.

All the best

HyperionDayz
 
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