Wanttotradeup
Registered User
- Messages
- 6
My husband and I currently have a mortgage with Bank of Ireland. The mortgage has c.€300,000 and 27 years remaining on it. We are currently on a tracker rate of 1.15%. Our house would be valued at c.€250,000. We have a growing family and would love to trade up. We have a deposit of €75,000 and would be looking to purchase something in the region of €375k. Ideally we would love to hold onto our current property as an investment but the bank won't consider this. We both have permanent jobs earning €90-€100k between us. We have no loans and an excellent credit history. If we were to take up the current offer available from BOI by selling our house and move our tracker to a new house the rate would revert to standard bank rates after five years. I estimate that this would cost us approx €130k over the remainder of the mortgage. As some of the other banks are offering for trackers to move, albeit at an additional 1% margin, for the full term of the mortgage, we are wondering whether BOI will follow suit at any stage, i.e. remove the 5 year clause? Or would they approve this on an individual case? They would still stand to gain based on an additional 1% from us and on the excess, probably €50k at the SVR. We really do want to trade up but would find it extremely difficult giving up our tracker after 5 years. Has anyone any experience of this or similar dealings with BOI
Thanks Spin, we're 37 and 41, how much of an impact will this make?
do you feel that BOI will relax the 5 year clause anytime soon or even at all?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?