Ulster Bank mortgage transferred to PTSB. ?Possible to port mortgage to a new property?

Hi there,

I am hoping that someone may have encountered the same situation and would be willing to advise how they got on.

We had an ulster bank mortgage which has now been transferred to PTSB. We are on a fixed rate of 2.2% for another 3 years.

We are in a position to trade up but do not want to increase the mortgage. Income would support a larger mortgage but we would prefer to use funds we have to fund the trade up. Definitely do not want a larger mortgage. We also do not want a new mortgage as we would definitely not get a similar interest rate, and to be honest, do not want the stress of going through that process/life assurance etc etc.

What we would like to do is to sell our house and with our funds and the funds realised from selling our house, trade up and transfer the mortgage to the new property. This would be/should be attractive to the bank as it will bring the LTV to <50%.

So here is the question. My understanding, and the thoughts of a mortgage broker is that PTSB do not allow you to port a mortgage in this way. However, this was a feature of Ulster Bank mortgages (taken out in 2006) so we could argue that we should be allowed to do this as we should enjoy the same features/terms. Does anyone have any experience of this situation? Grateful for any thoughts.

Was it a feature of the UB ones? I don't remember that other than with the First Active Offset mortgages that were transferred to UB, they could definitely be moved to another property. I assume you have a standard annuity mortgage as on a fixed rate.

Now I could be wrong obviously, have you it in writing anywhere, T&C booklet/loan offer/brochure even?

Yes standard annuity mortgage. I will have to have a deep dive into my files to see what I can find, but I do recall this being a feature at the time. Obviously I need some documentary proof of this, but interested to know if anyone has done this.

I certainly have no recollection of it being a feature of any mortgage.

Ulster Bank and all the other banks did introduce tracker portable mortgages which allowed people to take out a new mortgage, usually with an extra 1% margin. This would imply that automatic portability was not a feature.

Some mortgages these days e.g. The Avant mortgage allows you to port the loan and retain the rate under most circumstances.

You would have to have it in your terms and conditions and I doubt that it's there. But if it's an old mortgage, maybe it is there.

I had a look online and could not find any reports of people moving their UB mortgages other than trackers and this from the UK

I cannot find any reference in the mortgage contract and do not have any of the original marketing material, so may not be possible.

If its any consolation I don't think it was ever possible on a standard mortgage of that era!