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Negative equatiy trade down

  • 11-10-2014 8:52am
    #1
    Keithmc40
    Registered Users, Registered Users 2 Posts: 82 ✭✭


    The situation is we bought our house for €216k 8 years ago , it's in an area we don't want to be in any more, the house if sold would fetch about €160k, and we have been looking at houses for €130k around 10 miles away , what are the chances of the bank approving this ? Many thanks


Comments

  • #2
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Ask them and find out from the horse's mouth.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    What is the current value of your current property.
    What is the principle outstanding on the mortgage.
    What is the LTV you reckon of the proposed purchase?

    Etc etc etc

    Its time to go number crunching........


  • #4
    freedominacup
    Registered Users, Registered Users 2 Posts: 7,920 ✭✭✭freedominacup


    Keithmc40 wrote: »
    The situation is we bought our house for €216k 8 years ago , it's in an area we don't want to be in any more, the house if sold would fetch about €160k, and we have been looking at houses for €130k around 10 miles away , what are the chances of the bank approving this ? Many thanks

    Are you actually in negative equity?


  • #5
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,288 ✭✭✭✭Mrs OBumble


    freedominacup wrote: »
    Are you actually in negative equity?

    Good point: OP's what the outstanding balance on your mortgage? That's the figure that matter here, not what you paid for the house initially.


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