NIB wont give tracker for second mortgage

We have an LTV tracker mortgage with NIB that we are happy with. We now want to start building a house on a family owned site. Once it is built we will try and sell the house we are living in or else rent it out. When I contacted NIB about a mortgage for the self-build they would only offer a variable rate and not a tracker rate. Any advice on who will give us a tracker for the self-build or is there some way of consolidating the mortgages?

NIB are about the only lender who won't give you a tracker mortgage for a self-build. Just about any other lender will.

LDFerguson said:

NIB are about the only lender who won't give you a tracker mortgage for a self-build. Just about any other lender will.

Click to expand...

Hi LD, I trudged around some of the banks and building societies today and to my surprise of 3 that I visited 2 do not give trackers on self- builds. Those were Halifax who said that they are "developing such a product" and Irish Nationwide who after ringing head office informed me that they no longer do trackers on self builds. The only quote that I got was from First Active who offered ECB+.95% . I also visited EBS and Ulster bank where staff wouldnt or couldnt tell me the rate as such privileged information is only known by the mortgage specialists who were unavailable when I called......

Ulster Bank will. So will AIB, ICS, Bank of Ireland, IIB Homeloans, Permanent TSB. Perhaps you could save yourself more trudging by going to a mortgage broker.

I'd agree with LD, brokers take the hassle out of this investigating work. I find a lot of people are put off going to brokers as their under the misconception that they have to pay the broker a fee. The broker receives a commission from the mortgage provider.

I better also state that I am slightly biased as I'm a broker myself but if your getting a service where the cost is funded by the mortgage provider, why not avail of it