Bank of Scotland Mortgage's

mickell

Just putting this out there, in case others have come across a similar scenario.

Myself and my wife have a mortgage with Bank of Scotland Ireland with a balance of €161,000.
Our home which we paid €205,000 at the time is now worth about €115,000.
Because the house is in a rural area and we both work in a nearby town, the money we’re spending on Fuel everyday is really killing us .
I am now in a very lucky position where I’m in a full-time (permanent job) and my wife is still working.
So maybe we could actually apply to banks again.

Ideally we’d like to sell up the house and move closer to the town.
How would this be possible ? assuming we could get the house sold, is Bank of Scotland starting to make deals with mortgage holders ? I don’t want to be left with no house and €50k in the red.

Would it be possible for another bank to offer us a mortgage for the true value of our house and we part ways with Bank of Scotland ?

Any comments of advice is most appreciated , cheers

Gumbo

mickell wrote: »

Just putting this out there, in case others have come across a similar scenario.

Myself and my wife have a mortgage with Bank of Scotland Ireland with a balance of €161,000.
Our home which we paid €205,000 at the time is now worth about €115,000.
Because the house is in a rural area and we both work in a nearby town, the money we’re spending on Fuel everyday is really killing us .
I am now in a very lucky position where I’m in a full-time (permanent job) and my wife is still working.
So maybe we could actually apply to banks again.

Ideally we’d like to sell up the house and move closer to the town.
How would this be possible ? assuming we could get the house sold, is Bank of Scotland starting to make deals with mortgage holders ? I don’t want to be left with no house and €50k in the red.

Would it be possible for another bank to offer us a mortgage for the true value of our house and we part ways with Bank of Scotland ?

Any comments of advice is most appreciated , cheers

I am also with BoS.
I have heard that Bank of Ireland are doing negetive equity mortgages.

But BoS insist that you sell up, then come to a deal with the balance, so you wont know exactly what you need to borrow from the new lender until you get a balance settlement from BoS.

First port of call is a letter to Certus (Handlers in Ireland for BoS) with a request for an arrangement to be put in place or maker an offer basically.

TRS30

mickell wrote: »

Just putting this out there, in case others have come across a similar scenario.

Myself and my wife have a mortgage with Bank of Scotland Ireland with a balance of €161,000.
Our home which we paid €205,000 at the time is now worth about €115,000.
Because the house is in a rural area and we both work in a nearby town, the money we’re spending on Fuel everyday is really killing us .
I am now in a very lucky position where I’m in a full-time (permanent job) and my wife is still working.
So maybe we could actually apply to banks again.

Ideally we’d like to sell up the house and move closer to the town.
How would this be possible ? assuming we could get the house sold, is Bank of Scotland starting to make deals with mortgage holders ? I don’t want to be left with no house and €50k in the red.

Would it be possible for another bank to offer us a mortgage for the true value of our house and we part ways with Bank of Scotland ?

Any comments of advice is most appreciated , cheers

Are you on a low cost tracker? If so they might do a deal on the shortfall as they are pulling out of Ireland.

mickell

Ya we're on a variable rate which can't go higher then 1.5% then the ECB rate.
(we're lucky in that respect), so we think it may be do-able ?

Gumbo

TRS30 wrote: »

Are you on a low cost tracker? If so they might do a deal on the shortfall as they are pulling out of Ireland.

We are also on the ECB tracker +1%.
You still have to go through the motions with Certus first.

baddebt

mickell wrote: »

Just putting this out there, in case others have come across a similar scenario.

Myself and my wife have a mortgage with Bank of Scotland Ireland with a balance of €161,000.
Our home which we paid €205,000 at the time is now worth about €115,000.
Because the house is in a rural area and we both work in a nearby town, the money we’re spending on Fuel everyday is really killing us .
I am now in a very lucky position where I’m in a full-time (permanent job) and my wife is still working.
So maybe we could actually apply to banks again.

Ideally we’d like to sell up the house and move closer to the town.
How would this be possible ? assuming we could get the house sold, is Bank of Scotland starting to make deals with mortgage holders ? I don’t want to be left with no house and €50k in the red.

Would it be possible for another bank to offer us a mortgage for the true value of our house and we part ways with Bank of Scotland ?

Any comments of advice is most appreciated , cheers

Already tried homie ...combined income (2 FT jobs) €65,000
current blance remaining on mortgage €230,000 , house worth €119,000.

every single bank i went to (BoI, aiB, ub(where my wife works), KBC, ptsb ) all refused.
one bank Ptsb told me i've no chance with earnings under €100k a year.

our monthly fuel bill travelling to and from work is €500 .

(if you don't ask you don't get) , Bank of scotland no longer do mortgages in ireland , so you will not be able to refinance nor upgrade with them

mickell

So the most I could hope for is to sell house for around the 110K , hope BoS agree to write off Balance and then have to rent as no bank will give me a mortgage of any value... (I was in Construction and now Software, but starting at the bottom (low wage)) , combined income at home is presently under 50K

spank_inferno

Certus are doing deals on outstanding balances once the house is sold.

2 issues though,
-they flog some of the houses for peanuts leaving more than necessary outstanding.
- you will have to rent as it will be a scar on your credit record (nothing wrong with renting mind).

Gumbo

mickell wrote: »

So the most I could hope for is to sell house for around the 110K , hope BoS agree to write off Balance and then have to rent as no bank will give me a mortgage of any value... (I was in Construction and now Software, but starting at the bottom (low wage)) , combined income at home is presently under 50K

Can't see them writing off the mortgage, but maybe coming to an arrangement on a lump sum payment to clear it. You may finance this payment from a loan etc

TRS30

TRS30 wrote: »

Are you on a low cost tracker? If so they might do a deal on the shortfall as they are pulling out of Ireland.

They might, however there is no guarantee.

Best bet is to talk to them/Certus and see what they say. I would advise getting any agreement, especially if it involves a write off/down of any shortfall before you sell.

Dillon05

Hi all , I was wondering if anybody had any experience of Bank of Scotland writing off the shortfall from a sale of a property on a tracker mortgage? We are thinking of selling an BTL apartment which is currently on interest only and we might be 20k short (248k owned). So would be interested to hear if anybody ever had a positive response from them. Thanks

mickell

Hi Dillon, we approached Bank of Scotland, basically stating that we were struggling to maintain repayments and if we managed to secure a sale (of say 90K)on the property could the residual balance of 60k be written off.
And of course we received a big NO!, a reminder that we are contracted to pay the full amount and to really drive the knife in .... even if we got a sale for the value of the mortgage they will not allow us to use the sale monies to finance a new home.
So basically they want all their money and we can't move !! ...... not happy !

hfallada

Dillon05 wrote: »

Hi all , I was wondering if anybody had any experience of Bank of Scotland writing off the shortfall from a sale of a property on a tracker mortgage? We are thinking of selling an BTL apartment which is currently on interest only and we might be 20k short (248k owned). So would be interested to hear if anybody ever had a positive response from them. Thanks

With a shortfall of 20k I imagine they will happily right if off. Its a write off of only 10%. Over a few years they will lose that on the tracker, while still having a massive loan book for Ireland. I imagine if you wait a year if the apartment is in Dublin. That the loan will match the sell price.

But they write off the difference in the shortfall now. It makes financial sense to get rid of your mortgage

Tiger Mcilroy

mickell wrote: »

Hi Dillon, we approached Bank of Scotland, basically stating that we were struggling to maintain repayments and if we managed to secure a sale (of say 90K)on the property could the residual balance of 60k be written off.
And of course we received a big NO!, a reminder that we are contracted to pay the full amount and to really drive the knife in .... even if we got a sale for the value of the mortgage they will not allow us to use the sale monies to finance a new home.
So basically they want all their money and we can't move !! ...... not happy !

Why dont your rent your house in the interim as you are on a tracker the rent to mortgage ratio cant be to far apart on your place and move to the location you are after?

gaius c

mickell wrote: »

Ya we're on a variable rate which can't go higher then 1.5% then the ECB rate.
(we're lucky in that respect), so we think it may be do-able ?

Hmm that's not what a variable is. There's a difference between a variable & a tracker.

Godge

mickell wrote: »

Hi Dillon, we approached Bank of Scotland, basically stating that we were struggling to maintain repayments and if we managed to secure a sale (of say 90K)on the property could the residual balance of 60k be written off.
And of course we received a big NO!, a reminder that we are contracted to pay the full amount and to really drive the knife in .... even if we got a sale for the value of the mortgage they will not allow us to use the sale monies to finance a new home.
So basically they want all their money and we can't move !! ...... not happy !

do I understand you right?

You have a mortgage of 60k and a property valued at 90k but you want a write-off. Is that correct?

mickell

NO mortgage is currently about €152k.
House value at about €100k if really lucky !!

The write off would be about €60k

Dr_Kolossus

Gaius. It is variable it just has a cap of no more than 1.5 above current interest rate