I have 2 mortgage accounts with BOI on my property:
1 is variable 3.5% (best fixed rate currently is 2.9%)
2 is tracker 1.85% (created as part of tracker redress recently)
Variable/Tracker = 75%/25%
LTV is approx 33%
Can I move the variable portion to another lender eg AVANT, so the mortgage would be split over two lenders?
I haven’t engaged new lenders yet, but when talking with BOI about potentially switching they could not offer any information on moving just variable portion.
Going by info on some pinned posts here looks like I would be saving 1.55% pa on the variable if moved to Avant fixed at 1.95%, so 1550 pa per 100k.
Tracker portion will increase by 0.1% so small hit there.
Have 15+ yrs left on current mortgage, any solicitor costs etc would be recouped in a year
Seems like a no brainer to move or am I missing something?
No, you're not missing anything. The tracker isn't a particularly fantastic rate, and only makes up 25% of the balance, giving you an effective rate of 3.03% (2.6% if you fixed the variable piece).
You'd be better off switching for a better rate on the entire, but you lose the 'guaranteed' tracker rate on a quarter of your mortgage.