Trade down negative equity mortgage

kilburn

Has anyone approached their lender about getting a trade down negative equity mortgage? Would like to hear your experiences as I am in the process of trying to do same and there are some ridiculous rules in place.

ted1

Well they would potentially be losing out so you can imagine the rules are there for a reason

kilburn

You sell your house carry the loss between the outstanding mortgage value and house sale price to a new mortgage, how are they loosing out?

matt-dublin

@Kilburn, did you manage to get any further on this?

kilburn

Still in negotiations with the bank but looks promising they are open to it

matt-dublin

kilburn wrote: »

Still in negotiations with the bank but looks promising they are open to it

Let me know how you get on, thinking of doing the same.

If you've any advice it would be great

deburca98

who are you with thinking of approaching ptsb

matt-dublin

AIB/EBS as im already with them and have a good repayment history with them

Trish56

AIB/EBS/Haven provide Negative Equity Mortgages subject to the following:



The customer cannot be in arrears or have any difficultly in making existing mortgage repayments.

The maximum total mortgage loan amount including the residual debt is
[FONT=Praxis Com Light,Praxis Com Light][FONT=Praxis Com Light,Praxis Com Light]€[/FONT][/FONT]700,000.


Up to 92% LTV is available towards the purchase price of the new property,

- Max LTV 85% for mortgages of
[FONT=Praxis Com Light,Praxis Com Light][FONT=Praxis Com Light,Praxis Com Light]€[/FONT][/FONT]400,000 or more


- Max of LTV 75% for one bedroom apartments,

Current new residential home loan business rates will apply to the total mortgage loan,

The new loan to property value ratio of the total mortgage loan must not exceed 175%.

deburca98

I am with ptsb no outstanding payments looking to buy a house at between 75 to 90 k. probably caring 85 k negative equity 170 k left on mortgage.
Will I need to sell my house first looking for options any help appreciated , I am on a tracker at the moment,
Could i get a mortgage to buy the current house and absolve the NE from sale of current house once it is sold.
I don't think PTSB will be as accommodating as the other lenders. cheers guys:)

matt-dublin

From what I've been told they won't look at it until you're ready to sell and rebuy.

you will need to have your deposit in place and be pre-approved.

deburca98

matt-dublin wrote: »

From what I've been told they won't look at it until you're ready to sell and rebuy.

you will need to have your deposit in place and be pre-approved.

would they discuss options before an application or are you wasting yours and theirs by going in for a "chat"
cheers for your help

matt-dublin

no harm in going for a chat.