Switching from managed SVR (MVR) -PTSB
Hopefully someone has the solution to this issue for me.
We bought house A and it became our PPR for 6 years before we moved to House B which we currently reside in.
We rent House A (at well below market to stable tenants) but it is on a managed SVR with PTSB of 3.7%. House B is on a low mortgage tracker (1.35%).
I see on Bonkers.ie I could switch to another provider offering an SVR of 3 % as the LTV<50%.
I contacted PTSB to seek a lowering of the 3.7% MVR on House A indicating that there are switching offers as low as 3%, but they will not budge.
What view would a switching bank take to this situation as technically we are switching what is a residential mortgage from PTSB to them as provider. Will they get on their high horse and seek a BTL rate?
Will the new provider use the Central Bank rules in looking at ones ability to repay the mortgage or look at credit history? We have in that regard 14 years credit history on House A and B.
If House A were to become vacant, would moving into it and starting the switching process take long to do?
At the end of the day I want to reduce the SVR of 3.7%, with competition in the market and sufficient equity in own house and House A that should be possible. Also we are in this country an outlier in the charging of high interest rates, it seems only just that one can avail of low offers when one can.