New ICS "Mover-tracker" product
This has been cut and pasted from a release I got from ICS. I'm presuming that Bank of Ireland are offering something similar.
From 6th June, ICS will introduce a new Mover Proposition for our Tracker Mortgage Customers ? it?s called the ?Starter (5 years) Tracker for Movers?.
This proposition will facilitate customers to move to a new home more suited to their needs by providing them with a tracker product on their new mortgage (for the outstanding amount of their previous homeloan mortgage), for a period of 5 years, at 1.3% over their original tracker margin.
This proposition uses existing processes and procedures for mover customers in positive equity. For mover customers in negative equity, please contact your ICS Building Society regional manager as each case will be considered on its individual merits.
This product will facilitate existing ICS tracker customers to move to a new home and have a tracker product on the new mortgage:
a)For the outstanding amount of customer?s previous tracker mortgage,
b)For a period of 5 years,
c)With an additional margin of 1.3%, (i.e. ECB + existing margin + 1.3%).
d)Following expiry of the tracker rate, customers will have the option to choose between our existing customer variable or fixed rate available at that time.
e)The proposition is available to existing ICS Building Society tracker customers.
f)Any additional balance of the new mortgage will be offered at new business rates - fixed or variable,
g)New business credit criteria will apply (including new term if required).