We bought an apartment in 2008 using a mortgage from BOI and it is still in negative equity. We are fully up to date on payments. We're looking to upsize now but if we sell or rent the apartment we lose the tracker or at best get put on BOI's tracker mover product (current tracker +1% for 5 years) .
I've done the sums and our tracker is worth about €160k compared to being on variable and we're very reluctant to give up the tracker which is the one thing we have going for us.
So would the bank listen to us if we went in and offered to move onto variable straight away in exchange for a writedown (maybe €80k) on the mortgage? They win because they get rid of a tracker and we win because we get rid of negative equity.
Obviously we wouldn't say that we are looking to move on soon, just that we are looking to pay off the mortgage quicker.
Apologies if this should have been posted elsewhere.
I've done the sums and our tracker is worth about €160k compared to being on variable and we're very reluctant to give up the tracker which is the one thing we have going for us.
So would the bank listen to us if we went in and offered to move onto variable straight away in exchange for a writedown (maybe €80k) on the mortgage? They win because they get rid of a tracker and we win because we get rid of negative equity.
Obviously we wouldn't say that we are looking to move on soon, just that we are looking to pay off the mortgage quicker.
Apologies if this should have been posted elsewhere.