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Mortgage Negotiations

  • 27-03-2018 10:18am
    #1
    angeline
    Registered Users, Registered Users 2 Posts: 907 ✭✭✭


    Can anyone advise who would be the best professional to help negotiate a deal with the bank in relation to a slightly complicated situation. I'm looking to sell and buy another house for a significantly lesser price. My current house should make quite near to what I owe the bank. There is a split mortgage on the property and they would be getting back the parked part of the loan. I fell in to a small amount of arrears and want to give myself the best chance possible of moving forward. Obviously I need to see a solicitor but is there any other professional I should be taking on board to negotiate. Thanks in advance.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    If I understand it correctly, you already had a split mortgage which has now fallen in arrears again... So what is in it for the bank? Getting back what they are already entitled to and continuing an already problematic relationship is not going to get them all excited about a negotiating not matter what professional you hire.


  • #3
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    angeline wrote: »
    Can anyone advise who would be the best professional to help negotiate a deal with the bank in relation to a slightly complicated situation. I'm looking to sell and buy another house for a significantly lesser price. My current house should make quite near to what I owe the bank. There is a split mortgage on the property and they would be getting back the parked part of the loan. I fell in to a small amount of arrears and want to give myself the best chance possible of moving forward. Obviously I need to see a solicitor but is there any other professional I should be taking on board to negotiate. Thanks in advance.

    You should speak with a financial advisor who specialises in debt management.

    Deals can be done, usually the minimum the bank will accept is the value of the property. I would be worried about your ability to raise a mortgage to fund buying a smaller property.


  • #4
    angeline
    Registered Users, Registered Users 2 Posts: 907 ✭✭✭angeline


    Jim2007 wrote: »
    If I understand it correctly, you already had a split mortgage which has now fallen in arrears again... So what is in it for the bank? Getting back what they are already entitled to and continuing an already problematic relationship is not going to get them all excited about a negotiating not matter what professional you hire.

    I know they are already entitled to the parked part but there were no terms attached as to when they would seek that parked part back. I guess I felt the advantage would be that they would be getting the money now rather than in 30 years.


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