# Any negative equity mortgages for BOSI customers?



## Dave Vanian (8 Jul 2014)

I've noted a few banks now offering negative equity deals for their own customers, e.g. you can borrow up to around 120% on a new home and take your negative equity with you, assuming you qualify on other criteria.  

Does anyone know if any bank will allow a BOSI customer in negative equity to carry their negative equity into a new home purchase with another bank?


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## Brendan Burgess (8 Jul 2014)

I very much doubt it. They are trying to leave the country and wind up their mortgage book as quickly as possible.

However, at some stage, they or whoever buys their mortgage book, might give a discount to people with trackers to pay them off early.


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## Dave Vanian (8 Jul 2014)

Thanks Brendan.  I understand that BOSI themselves won't facilitate new mortgages.  My question was if any other bank would.

Example, would AIB allow a BOSI customer to get a new mortgage at AIB's SVR and refinance their BOSI negative equity into the new home? 

Without such a facility, then it appears that customers of other banks who are in negative equity can now move but BOSI customers are stuck.


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## serotoninsid (8 Jul 2014)

Dave Vanian said:


> Thanks Brendan.  I understand that BOSI themselves won't facilitate new mortgages.  My question was if any other bank would.
> 
> Example, would AIB allow a BOSI customer to get a new mortgage at AIB's SVR and refinance their BOSI negative equity into the new home?
> 
> Without such a facility, then it appears that customers of other banks who are in negative equity can now move but BOSI customers are stuck.



There isn't much incentive for another bank to take on a mortgage where they don't really have any security i.e. it's already established that the value of the property is < the outstanding balance on the loan.


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## Brendan Burgess (8 Jul 2014)

Hi Dave 

Sorry, I misread your post. 

The maximum LTV of any lender is 92% for new clients. 

When they give a negative equity mortgage to existing customers, it usually involves the customer paying around 10% of the price of the new house, so they are reducing the negative equity, which is in the lender's interest.


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