# Negotiating: will the bank write off my negative equity?



## Liberty (21 Nov 2010)

Hi eveyone,

I bought an apartment for 475K. 
I have 355K left on the mortgage. 
I can sell for 300K, leaving 55K in arrears.
I have a tracker mortgage and have a 1.75% rate.

Is it likely the bank will negotiate with me? Has anyone had a similar experience? Any tips?

Thank you.


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## fuzzy10 (21 Nov 2010)

Its doubtful but worth a go! Who is buying apartments at 300k in this current climate???Although, it must be a pent house apartment if you paid 475k You sure you want to give up you tracker?


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## Liberty (21 Nov 2010)

Thanks Fuzzy. Yes it's a penthouse. I am leaving Dublin to move west permenantly and hope to purchase a family home down the line.


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## PaddyBloggit (21 Nov 2010)

I doubt they will either but let us know how you get on.

You'll probably have to take out a personal loan to cover the shortfall.


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## 26cb (21 Nov 2010)

Not being funny.....but why should they ?


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## huskerdu (21 Nov 2010)

There have been multiple threads on this topic in the last 6 months. 

In all of those threads, anyone who has reported that they asked the bank for a discount to come off a tracker has been turned down. 

Do a search if you want to see the details yourself.


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## Bronte (22 Nov 2010)

It has been suggested that banks in the UK could pay 10% of the mortgage amount to borrowers on trackers to get them to switch from the trackers as the banks are losing money on them.  

Make an appointment with you bank and see what they say.  What exactly do you want from the bank, it's not clear from your post.  Do you want them to write off the 55K or to let you sell and owe them the 55K.  I would go in to try and negotiate to pay off the 55K on a low rate of interest.  If you have savings and a good job the bank are less likely to play ball.


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## marti18 (22 Nov 2010)

IMO alot of people must get real!  there is no way a bank will write off any money for anyone.

do you really think they will say YEAH 55K NO PROB!


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## Liberty (22 Nov 2010)

Thanks all, appreciate the advice. Planning to visit the bank next week. My main point is the bank must be losing money on me if I am only paying 1.75%. That is why I thought they might consider negotiating with me and taking some of the hit.


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## FioBi (22 Nov 2010)

So offer to convert to variable rate mortgage for a rebate and then sell. 
A bit risky but if you are sure of a buyer


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