Tracker Retention

I Want to Keep My Tracker Interest Rate

You love your tracker mortgage. You wouldn’t give it up for the world.

But although you don’t want to move mortgage, you do want to move home. Our Tracker Interest Rate Retention offer may be just what you need. Have a mortgage question? Request a call from your local Mortgage Master here.

For full details of this option, please see our Tracker Interest Rate Retention brochure.

How Much Can I Borrow for My Next Home?

Things may have changed since you last got your mortgage – Central Bank Rules will now come into play, for instance. So how much you can borrow will be based on your income, your house price, and your affordability.
You can borrow a maximum of 80% of the value of the property.
If you are buying a one-bedroom property or a studio apartment valued at €275,000 or above, the maximum loan amount is 80% of the property’s value.
The amount you can borrow also depends on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income. It’s that comfort cushion!
Why not use our mortgage calculator to see what you can afford?

Features & Benefits

Tracker interest rate retention is for our existing customers that want to sell their current home and buy a new home, while still retaining their tracker interest rate.
The interest rate of your Tracker Retention portion of your new loan will be your existing Tracker interest rate plus an additional margin of 1%
Competitive interest rates including Variable relative to your loan to value and Fixed rates
For customers who are unsure of what type of rate to select, EBS provide the option of splitting the loan amount in two, so you can avail of both the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan
Up to 80% Loan To Value (LTV) is available. This also applies to studio apartments valued at €275,000 or above or one bedroom properties. We do not lend for the purchase of studio apartments valued at under €275,000.
Max LTV of 80% for one bedroom properties
Repayment term up to 35 years, subject to the age of borrowers
You will need to be over 18 and security will be required before you can obtain a mortgage
You will require Mortgage Protection Cover which can be arranged via EBS or you may purchase this through another Insurance company
Keep in mind you will also need money for Valuation fees (you will need to use a valuer from the EBS Residential Mortgage Valuers panel), Legal fees, maybe a Surveyor and Stamp Duty fees. Also remember possible repairs and decoration costs on your new home.

Tracker Retention Repayment Terms & Conditions

You can only avail of Tracker Retention for the amount of time remaining on your existing mortgage at the time of application, subject to EBS’s maximum age i.e. subject to clearance by your 69^th birthday or on retirement if earlier or if you are self-employed by your 71^st birthday. Security will be required.
Your existing home must be sold and your existing mortgage account must be cleared in full before you can draw down your new mortgage.
Your new mortgage may only be used to purchase a new home which is to be used as your principal private residence.
You will need to pay the costs of the sale of your existing home and the purchase of your new home (including professional fees)
If you are approved for a new mortgage and Tracker Retention, a Letter of Loan Offer will be issued to you. The Letter of Loan Offer will be valid for 6 months, after which time you will need to make a new mortgage application, which will be subject to EBS standard lending criteria and terms and conditions.
If you have sold your home and cleared your mortgage loan, to remain eligible for Tracker Retention, you must reapply for Tracker Retention within 30 days of the expiry of the Letter of Loan Offer. This is subject to EBS still offering the Tracker Retention at that time.

Fixed Rate or Variable for Tracker Retention?

You can retain your tracker rate on your new mortgage– but only up to the balance of your existing mortgage. You will have to choose between a Variable Rate or Fixed Rate on the rest of your new mortgage.
If you need a hand with this, our Mortgage Masters will be more than happy to have a chat.
The amount of your new mortgage that can avail of Tracker Retention will be limited to the balance of your existing mortgage on a tracker interest rate, at the time of application for your new mortgage. Any funds above this amount will be at the prevailing EBS new business rates.
Your Tracker Retention interest rate will be your existing Tracker interest rate plus an additional margin of 1%, on your current tracker mortgage balance, if you wish to sell your existing property and purchase a new principal residence.
You will only be able to avail of Tracker Retention once during your relationship with EBS as a mortgage customer i.e. you will not have the option to retain your tracker interest rate again for a subsequent house move with another provider.
Please keep in mind that if you choose to move onto a different type of interest rate at a later date, you will not be able to revert back to our tracker rate.
If you take a Mortgage with a fixed rate of at least one year and decide to repay whole, or part early, if you convert to a variable interest rate, or, if you change to another fixed interest rate you may incur an early breakage cost payable to EBS d.a.c. You can locate information as to how this early breakage charge is calculated and in what circumstances this charge arises by selecting ‘Tracker Interest Rate Retention Mortgage General and Regulatory Information’ below, under the heading ‘Our mortgage interest rate options’.

Regulatory Information

Tracker Interest Rate Retention Mortgage General and Regulatory Information

Warning: The new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.

Warning: If you do not meet the repayments on your loan, your account will go into arrears, this may effect your credit rating, which may limit your ability to access credit in the future.

Warning: If you do not keep up your repayments you may lose your home.

Warning: You may have to pay changes if you pay off a fixed rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future.