Ulster Bank is allowing tracker mortgages to be transferred to a new house

k123456 said:
Can we redeem , pay off the additional mtg, ideealy sooner rather than later, leaving us with our tracker only (on the new house)
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From what I've seen, yes you can. They mentioned that you can end up with a lower mortgage or a higher mortgage (with the additional borrowing on a Standard Variable Rate) so I'm sure they're not going to object to your having the same mortgage.
 
Because I believe it makes sense for them.

So if you are on a low tracker and still in a job the chances are you are in negative equity but have an amount of saving built up. Well if you haven’t then you should not be moving house and the back don’t want to lend to you.

But if you have then the UB are encouraging you to use you saving to buy a dearer house.

So at the moment you could have a €200,000 house with a mortgage of €250,000 and say maybe €80,000 in savings.

You could now borrow maybe €50,000 at 5% and buy a house for €300,000 allowing for stamp duty and solicitors fees and the bank no longer has a negative equity loan on there books and you proved you can afford it by saving €80,000 in the first place.


That’s the only reason I can think of anyway….
 
i have a small house with a morgatge of 85,000 still outstanding...id be very lucky to sell it now for 100,000..lets say i did sell it for that price and wanted to buy else where for 150,000...iam at the moment 600 in arrears but working on that...what way does it work?
 
If you are in arrears on an €85,000 mortgage, it's very unlikely that UB would lend you an additional €50,000.

This option is not for you.

Brendan
 
ta brenden.

lets say i paid the arrears back in full which i currently am doing and soon will be up to date again , i had to leave my home in the country after 14 years living in my home,and come to dublin to work,,iam now living here staying with family.i am paying the mortgage on what was my 'liveable' home but have not lived in it for the past 18months,bar the odd weekend....do you think that i could work out something with them giving this position...
 
Timmy why don't you sell the property and save for a new place in Dublin?
 

I would say it is unlikely. If you were in arrears on a small mortgage, why would you not be in arrears on a bigger mortgage?

What caused the arrears?

Brendan
 
hi brendan,

remortgaged in 2006 to build on 3 extensions to the cottage which i did,never missed a payment, then lost my job in 2009.got a reduced payment then from ulster paid that back for 1 year still no job,got the job in dublin last october and had to move up,so marginally slipped into arrears but i will have that sorted and back on track in 2 months,it would be an ideal solution for me to go that way seeing as iam not even living in the cottage...pity
 
Hi
Just wondering if anyone can advise me about this. I have a tracker with UB and am in neg equity. Hope to move in the next year or 2 as live in a small apt and now have 2 children. We pay 400 euro extra a month into our mortgage. Should we stop paying this extra into the mortgage and save it? If we were able to take the tracker to a new house in 1 or 2 years would it be better to have overpaid mortgage or have more savings. Have about 10,000 savings now. thanks
 
bronte,

will have to sell unfortunately...loved it down there.but as i mentioned if i did get 100,000 for it id be lucky..pay back the bank ect..85,000 plus id walk away with 10,000...although i am now employed they wont entertain me with a loan,, and 10grand wont get me anywhere...ah well could talk to them nicely...
 
So if you sell you would solve the arrears, not have a property to maintain, have more income therefore and what's not to be happy about. What is wrong with renting in Dublin? What's the hurry to buy again so soon. And if you really want to, you could start saving and buy in the future?
 
Contacted UB about this.


  • It's not available to people in neg. equity
  • Mortgage must not exceed 90% LTV of new home
Can't imagine many will qualify given those conditions.
 
Yes it has been taken of the market. they are launching a new product in the next few weeks.
 
Dinny said:
Yes it has been taken of the market. they are launching a new product in the next few weeks.
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The new product will hardly include porting a tracker will it? Very disappointed if this option goes.
 
Yes, does anyone know if they will be offering a similar product as I was hoping to use this service.
 
was told they will be offering to port the tracker for a few years only and at a higher rate
 
We were in the process of buying a trade-up house based on porting our Ulster Bank Tracker. All UB have told us is that they have changed their policy to not allow tracker porting - they have not mentioned any new products or alternative porting arrangements.
 
Bear in mind anyone that has an offset/current account mortgage with UB, a feature of this product which is a tracker is that it can be moved from property to property and they can't change that as it is part of the terms and conditions on that particular product.
 
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