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Restructure of Mortgage

  • 03-08-2014 9:08pm
    #1
    Witchie
    Registered Users, Registered Users 2 Posts: 5,597 ✭✭✭


    Hi all

    I was wondering if anyone would be able to tell me if it is possible to restructure your mortgage in the following way:

    I own my own house (well the bank does!) and owe x amount on it.
    I want to sell my house but am not sure that I will be able to make enough to pay off the mortgage in it's entirety so am wondering if it would then be possible for me to continue to pay the difference in the form of a reduced mortgage until it is gone?


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    Banks are doing some negative equity deals like this. It's entirely at the discretion of your bank whether or not they will permit you to sell the house. If the amount you'll be carrying with you is relatively small and you can prove that you can afford the repayments along with whatever rent or other cost of living you'll have, then they may agree. The residual loan may be for a shorter term than what currently remains on your mortgage.

    If you're currently on a tracker mortgage, you could ask your lender to write off the excess. They might or might not agree but it's worth a shot.


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