ptsb new tracker portability product where people split up

[Brendan Burgess]

I am trying to understand how this works in practice. Am I reading it correctly?

A & B have a joint mortgage with a tracker of €200k
A & B split up
A & B want to sell and buy separate homes
A is allowed to transfer the tracker to the new home
They are not allowed to transfer, say, €100k each of tracker.

Page 23

If you are a joint borrower with a mortgage on your home at a Tracker Interest
Rate and you wish to sell your home and buy a new home separately from the other joint borrower(s), you should be aware that the transfer of a Tracker Interest Rate to your new mortgage (the “Tracker Portability” facility) cannot be divided or shared between you and the other joint borrower(s) so that each borrower can avail of Tracker Portability if purchasing a new home. If you wish to avail of Tracker Portability, a letter (in a form which we have prepared and which must be used) must be obtained from the other joint borrower(s) acknowledging that the Tracker Portability facility will not be available to them.

 

[stephnyc]

yes, i think so, in addition only A could have the tracker rate and B would be subject to SVR when purchasing

 

[Brendan Burgess]

User Lucuma referred to this in a separate post.

Request for Transfer of Existing Mortgage - Permanent TSB



Ptsb are quite open to allow one person take over a tracker mortgage if they have the earnings to support the mortgage on their own.