Swapping two apartments for one house?

dublinario

Hey All,

Myself and my (new) fiance each own an apartment laden with negative equity. We live together in one, and have the other rented out. But like any married couple who might eventually raise a family, a house is what we aspire to have.

What I've described must surely apply to thousands of young couples in Ireland? My question: does anybody know of any banks, or (legal) financial chicanery, that would facilitate -- in essence -- the swapping of two apartments for one house?

Even if the apartments were worth half their original sale values, combined that would still constitute a house price. So ownership of 2 apartments could trade for ownership of one house, with myself and my fiance continuing to pay the original mortgages (or some consolidation of them).

Does anything like this exist? There's other complications too, in that myself and my fiance both have mortgages with different institutions. So they'd need to collaborate, which admittedly seems far-fetched.

Any ideas, anyone? Thoughts on the subject at all? If this was niche, I'd expect no answers. But as I said, surely I'm describing the plight of a great many couples. Are we just f*cked!!!

All advice appreciated,
Dub

flowerific

I would rent out both apt. And rent a house for a few years. that way you can pick a nice ready to move in house in an area that you like and wait to see if the market changes to sell apt.

dublinario

Thanks flowerific. Food for thought.