Dear all,
Back in 2006 I went down the Shared Ownership rabbit-hole with Dublin City Council and bought a one-bed apartment. I moved to the 100% mortgage option some years later (which restarted the mortgage term at 25 years) and currently have 19 years to go. The mortgage is with DCC - I wasn't given any option around that at the remortgage to 100%.
As you can imagine, the apartment is currently in significant negative equity. I've noted with interest the various negative equity mortgages that are being offered by the banks, but if I'm reading the conditions correctly these are only for those that currently have mortgages with them. As a DCC "customer" I assume they are of no use to me?
So - can anyone think of any option beyond just overpaying on the mortgage (which I've been doing for the last four years) while simultaneously saving for a deposit?
Has anyone heard of DCC entering into anything like a Negative Equity mortgage?
Many thanks in advance,
Greg
Back in 2006 I went down the Shared Ownership rabbit-hole with Dublin City Council and bought a one-bed apartment. I moved to the 100% mortgage option some years later (which restarted the mortgage term at 25 years) and currently have 19 years to go. The mortgage is with DCC - I wasn't given any option around that at the remortgage to 100%.
As you can imagine, the apartment is currently in significant negative equity. I've noted with interest the various negative equity mortgages that are being offered by the banks, but if I'm reading the conditions correctly these are only for those that currently have mortgages with them. As a DCC "customer" I assume they are of no use to me?
So - can anyone think of any option beyond just overpaying on the mortgage (which I've been doing for the last four years) while simultaneously saving for a deposit?
Has anyone heard of DCC entering into anything like a Negative Equity mortgage?
Many thanks in advance,
Greg