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mabs

  • 23-07-2013 09:36AM
    #1
    adr1984
    Registered Users, Registered Users 2 Posts: 66 ✭✭


    How can mabs help me through the process of a trade down with my mortgage lender?


Comments

  • #2
    marieabennett
    Registered Users, Registered Users 2 Posts: 7 ✭marieabennett


    "How can mabs help"... bit of a contradiction in terms there!! I suggest you either go to a professional adviser (educated, qualified) or ask a trusted family member (strong, on your side) to deal with the bank with you. Banks have no respect for MABS (clueless, lazy) - rightly so. Instead,
    Step 1: Have as many meetings with you bank as you can stomach. Update them every fortnight... even by e-mail. If you get on with your Banker, can he / she advise 'off the record' of any properties for sale in your price-range.
    Step 2: Speak to an Auctioneer you know and explain the position. Document all your conversations... again update your bank. Its necessary to keep them on-side (as hard as that it) as they will need to agree to same.
    Step 3: If you find a property, all should be made aware that any offer you make is subject to the sale of your own property. It's key to have a hungry Auctioneer in that respect.
    Step 4: Try to push the bank to help on the legal costs of sale / purchase or get their agreement that same be added to the mortgage at least.
    Step 5: Ask for advise each step of the way from everyone.... except MABS!


  • #3
    adr1984
    Registered Users, Registered Users 2 Posts: 66 ✭✭adr1984


    marieabennett wrote: »
    "How can mabs help"... bit of a contradiction in terms there!! I suggest you either go to a professional adviser (educated, qualified) or ask a trusted family member (strong, on your side) to deal with the bank with you. Banks have no respect for MABS (clueless, lazy) - rightly so. Instead,
    Step 1: Have as many meetings with you bank as you can stomach. Update them every fortnight... even by e-mail. If you get on with your Banker, can he / she advise 'off the record' of any properties for sale in your price-range.
    Step 2: Speak to an Auctioneer you know and explain the position. Document all your conversations... again update your bank. Its necessary to keep them on-side (as hard as that it) as they will need to agree to same.
    Step 3: If you find a property, all should be made aware that any offer you make is subject to the sale of your own property. It's key to have a hungry Auctioneer in that respect.
    Step 4: Try to push the bank to help on the legal costs of sale / purchase or get their agreement that same be added to the mortgage at least.
    Step 5: Ask for advise each step of the way from everyone.... except MABS!

    Thank you for the advice its very informative.


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