If they want people to move, they have to allow the same rate to be applied as the incentive is gone.
I think I would be steering you down the same path as Brendan is.
Rent your existing house out and rent another house where you "want" to be.
If you tell the bank that you really need to stay on an interest only basis on your current house "for the time being", the bank might huff and puff a bit but they are unlikely to take any action. As you said the rent will cover the interest which frees you up, to rent closer to town.
The big danger of course is that the bank will remove your tracker so you will need to be persuasive
Mortgage is 300k on a tracker of 2.25% above ecb. Currently been paying interest only for last 6 months as struggling to afford it
I got what I needed in the end but only after mortgage payment strike and other tactics which helped them see the light. Sorry I cant elaborate further, and my username does not compromise my identity.
How much is your interest only payments
How much is capital and interest
How much will you save in petrol and other costs if you move
How much would 100K at the current tracker rate and term cost
How much is rent closer to where you want to live
The situation is that you are struggling to pay the much reduced tracker interest at the moment.
How can you expect to make the full repayments on a SVR loan of the same amount?
No bank is going to lend to you.
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