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Trade down with neg equity - any experience?

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  • 05-01-2015 3:06pm
    #1
    rightoldpickle
    Closed Accounts Posts: 119 ✭✭


    Sample figures:

    Current house:
    In the Dublin Commuter belt, desirable enough area. Houses selling atm
    Mortgage €330k
    Value (similar property selling) €240k

    Potential new house
    Asking price €160k
    Bigger house but rural area so houses not selling, room for bargaining.

    Looking for similar stories or feedback.


Comments

  • Options
    #2
    rightoldpickle
    Closed Accounts Posts: 119 ✭✭rightoldpickle


    Or any tips on dealing with mortgage provider?


  • Options
    #3
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    Do you have cash to pay off the NE, or are you seeking to have it made into an unsecured loan? Have you approached the bank at all to seek permission to sell, do you have a tracker?


  • Options
    #4
    rightoldpickle
    Closed Accounts Posts: 119 ✭✭rightoldpickle


    MouseTail wrote: »
    Do you have cash to pay off the NE, or are you seeking to have it made into an unsecured loan? Have you approached the bank at all to seek permission to sell, do you have a tracker?

    No. We are looking to transfer the mortgage. It's something our lender offers but we have just begun talks and there is endless form filling.
    No tracker just a standard variable.

    Link to similar http://www.donaghys.ie/property-transactions/new-mortgage-options-for-customers-in-negative-equity.119.html


  • Options
    #5
    dizzy23
    Registered Users Posts: 16 ✭dizzy23


    Hey I'd be interested in banging heads on this one so to speak. We went to our lender ebs and were told should be no issue at all. Filled in paper work in Nov and sent it off. On this basis we put our house ob market and have received an offer of 25k less than we owe.
    We are looking to trade down. So effectivly
    25k neg eq and new loan will be 150k less than current.
    Really draggin their heels . To the layman vwe will be payin 650-750 less a month but still no word if approved !!!


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