If you’ve decided that it's time to move your home and are either:
Negative Equity occurs when the value of your property is less than the balance outstanding on your mortgage. This means if the house is sold the purchase amount will be less than what is required to clear the total mortgage amount.
The Negative Equity Mortgage will allow our customers who are in Negative Equity, to sell their current home and transfer the remaining balance owed onto the mortgage on their new property. Therefore the new property purchased will be in Negative Equity.
You can move home if you are in Negative Equity, have a fixed or variable rate mortgage or a tracker interest rate. With a Negative Equity Mortgage you could trade up or trade down, depending on your situation.Home Movers Brochure
Tracker Portability is a nice way of saying that you can now move home and keep the Tracker Interest Rate that applies to your primary mortgage plus an additional 1%.
As you are aware, your Tracker Interest Rate is made up of the ECB (European Central Bank) rate + a margin. For Tracker Portability, the Tracker Interest Rate that will be transferred will not include any adjustments that have been applied to the margin since the current tracker rate product was set up on the primary mortgage. The maximum term you can avail of is the current term remaining of the primary mortgage (term will be rounded up to the nearest year).
This is available to two types of existing PTSB mortgage customers:
You can also apply for a Tracker Portability mortgage if you have moved to a rented property and are renting out the home you own.Home Movers Brochure
The above information is valid as at today's date.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.