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Richard tea · 27-07-2010 5:32pm #1

Hello all,

I'm confused, very confused. Ill try and keep it simple.

Lets say I have a house & I currently owe 250k on it. I then sell the house for 150k. This would leave me with owing 100k on my mortgage. Now this is were I get

. I find a property worth 200k. Is it a case of topping up my mortgage by 200k which would leave me with a mortgage of 300k or is it possible to have two mortgages ie, I still pay the 100k back to my current lender and also pay a separate mortgage of 200k to another lender

Thanks all
Richard

Ideo · 27-07-2010 5:59pm

Richard tea wrote: »

Is it a case of topping up my mortgage by 200k which would leave me with a mortgage of 300k or is it possible to have two mortgages ie, I still pay the 100k back to my current lender and also pay a separate mortgage of 200k to another lender

It's virtually certain that you will not get another mortgage of 200k if you are still paying of the 100k of the existing mortgage. Are you thinking of selling a house in negative equity and buying a new house?

Richard tea · 27-07-2010 6:03pm

Ideo wrote: »

It's virtually certain that you will not get another mortgage of 200k if you are still paying of the 100k of the existing mortgage. Are you thinking of selling a house in negative equity and buying a new house?

Selling a house in NE & buying a new house. :mad: Ive no chance then

Would I basically need to pay the 250k off my mortgage and then take out a new mortgage for the new property?

unclebill98 · 27-07-2010 6:33pm

NE mortgages that the banks where thinking about have been put on hold for the moment.

Richard tea · 27-07-2010 7:03pm

unclebill98 wrote: »

NE mortgages that the banks where thinking about have been put on hold for the moment.

Is this the thing that the Gov were talking about to help people out in NE?

danbohan · 27-07-2010 7:09pm

Richard tea wrote: »

Is this the thing that the Gov were talking about to help people out in NE?

talking and doing, very different things especally for politicians , cant see it happening . many many people are in your postion or much worse

Richard tea · 27-07-2010 8:10pm

ok I think im up to speed now after reading this
http://www.independent.ie/business/personal-finance/homeowners-to-get-negative-equity-loans-2228649.html
and this http://www.independent.ie/national-news/banks-told-to-delay-plans-for-negative-equity-loans-2260976.html

Lets say that the banks get the go ahead for NE loans. Im with ICS, they are part of BOI. If BOI start a NE scheme will ICS follow suit or could they just ignore the customers with ICS

chris85 · 27-07-2010 10:51pm

Richard tea wrote: »

ok I think im up to speed now after reading this
http://www.independent.ie/business/personal-finance/homeowners-to-get-negative-equity-loans-2228649.html
and this http://www.independent.ie/national-news/banks-told-to-delay-plans-for-negative-equity-loans-2260976.html

Lets say that the banks get the go ahead for NE loans. Im with ICS, they are part of BOI. If BOI start a NE scheme will ICS follow suit or could they just ignore the customers with ICS

they are selling off ICS afaik

Richard tea · 27-07-2010 11:02pm

chris85 wrote: »

they are selling off ICS afaik

Oh joy, looks like ill be in limbo:rolleyes:

unclebill98 · 27-07-2010 11:16pm

The deatails are far to vauge on exactly which way this is going to go. So your best options are to revert to your current lender for advice.

chris85 · 27-07-2010 11:36pm

best to ask lender is right. details of ICS sell off in link. new ireland life assurance going also which you may have with mortgage.

http://new.breakingnews.ie/business/boi-to-sell-ics-and-new-ireland-life-assurance-454105.html

Richard tea · 28-07-2010 1:00am

chris85 wrote: »

best to ask lender is right. details of ICS sell off in link. new ireland life assurance going also which you may have with mortgage.

http://new.breakingnews.ie/business/boi-to-sell-ics-and-new-ireland-life-assurance-454105.html

I contacted ICS, all he could say was if I wanted to move I would have to pay off the full amount of the mortgage first:(

amen · 28-07-2010 1:34pm

you have a bigger problem. The bank most likely has the deads to your house as collatoral for you mortgage. Without the deeds you cannot sell the house.

The bank most likely won't give them to you unless you pay off the full mortgage.

Richard tea · 28-07-2010 10:05pm

amen wrote: »

you have a bigger problem. The bank most likely has the deads to your house as collatoral for you mortgage. Without the deeds you cannot sell the house.

The bank most likely won't give them to you unless you pay off the full mortgage.

You had to go and confuse me again didn't ya:p

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