Lose tracker?

[sligobhoy]

I'm on a great tracker rate at the moment and I'm wondering if I were to re-mortgauge (if theres such a thing now) for going back to college,wedding etc if I'd still get to keep the same rate?

 

[DrMoriarty]

You don't say what your rate is, but I'd guess two chances. Slim and none.

Anyway, you should think very carefully before using a remortgage or a top-up to fund expenses that you can't otherwise afford. The added monthly repayment may seem small, but you are going to repay a huge multiple of the amount borrowed if you allow it to run for the life of your mortgage.

 

[sligobhoy]

Thanks for that Dr. Also wondering if there's ever such a clause that if a payment or two is missed then penalisation by raising the interest the rate?

 

[fizzelina]

I'm on a great tracker rate at the moment and I'm wondering if I were to re-mortgauge (if theres such a thing now) for going back to college,wedding etc if I'd still get to keep the same rate?

Remortgaging for college and a wedding is most likely not even an option as the banks would not go for it. Even if you have a lot of positive equity in the house, going to college would mean no salary and so they wouldn't give you a mortgage...Like the other poster says it's a really bad idea, with the interest over the mortgage lifetime it would cost a fortune. Can you not save up for the wedding and college?
Missing a payment would not increase the interest rate but will give you a bad credit rating which will make any chance of a future loan with any bank very difficult.