# Moving house what about neg equity?



## RL08 (26 Feb 2013)

Hello
We are looking to move area and can afford to do so but the only option seems to be to pay off the negative equity? Does anyone know if the banks are meeting people half way or any way on the negative equity? And is the only way to move and keep your tracker to pay it off?
I've heard rumors of non disclosure agreements.
Thanks in advance
R


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## Bronte (27 Feb 2013)

Welcome to AAM RL08.  You've given us practically zero information and expect some sage advice?


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## RL08 (27 Feb 2013)

Sorry am new to this
Depending on the price we obtain for our house we might have negative equity of between 50-70k
The bank (customer service) said we can keep our tracker and bring it to the new house which we plan to be our final move near our parents if we clear the negative equity. We have savings we could use but it would empty us out and it seems so unfair when we bailed out the banks
My husband and I are both on good salaries so we have mortgage approval to move
We have the following options at present
Go with a new mortgage, leaving our tracker and potentially current bank but this would mean giving up 170k savings over the life of the mortgage and also putting the negative equity on a variable rate
Bring our tracker but clear the negative equity - also means we need to buy and sell at the same time which is a challenge
Stay stuck miles from our family

I have heard if you push to see a mortgage expert in the bank we are with they might do something on the negative equity such as allow you to carry it to the new house on a variable rate or if you a reduction for clearing it
What is annoying is if we go with a new bank the old bank has to let you bring the negative equity on the tracker rate or variable but they don't seem to do this if you stay with them.

We have been working through a mortgage advisor but are also going to try to speak to an expert in the bank as the customer service advisor we met with had no clue and just gave us the standard line

Let me know what missing info you might need
Thanks in advance 
R


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## Bronte (27 Feb 2013)

RL08 said:


> We have savings we could use but it would empty us out and it seems so unfair when we bailed out the banks


 
I'd really like you to expand on this? 

Looks to me like you're in great shape. Have two good salaries, have mortgage approval, can make the move back home, can keep tracker on NE, can in addition pay off NE if desired. 

You've still given us no figures other thant the NE of 50 to 70K?

Are you confusing your capital payments off the mortgage as money lost = the 170K?

What is your actual issue, you want the bank to write off your NE because? Becasue we've bailed out the banks?

Do not whatever you do sell and buy at the same time.


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## RL08 (27 Feb 2013)

Why do you not recommend to buy and sell at the same time? That is the only way to keep the tracker which over the lifetime of the mortgage saves over 100k on interest compared to moving to a variable (as current interest rates stand)
A couple of banks are allowing you to move your tracker as long as you clear the negative equity. Good but takes any savings you have. 
So yes thinking the banks should meet people some way on negative equity or at the very least allow you to carry it to the new mortgage with them without having to change bank.


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## Bronte (28 Feb 2013)

RL08 said:


> A couple of banks are allowing you to move your tracker as long as you clear the negative equity. Good but takes any savings you have.
> .


 

Surely this is a good thing to spend your savings on.  Re the tracker, to keep it you have to sell and buy at the same time.  Just be very careful that your buyers will go through with the sale and already has watertight mortgage approval.  I presume your solicitor is advising you on this.


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## dec1892 (3 Mar 2013)

Bronte said:


> Surely this is a good thing to spend your savings on. Re the tracker, to keep it you have to sell and buy at the same time. Just be very careful that your buyers will go through with the sale and already has watertight mortgage approval. I presume your solicitor is advising you on this.


 

Id be interested in hearing which banks allow you to carry a tracker to a new house. Ive a good tracker with AIB, but would like to move house.....are AIB allowing people to carry trackers to a new property?


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## cremeegg (6 Mar 2013)

RL08 said:


> We have savings we could use but it would empty us out and it seems so unfair when we bailed out the banks..............
> 
> 
> Go with a new mortgage, leaving our tracker and potentially current bank but this would mean giving up 170k savings over the life of the mortgage
> R



This is priceless. Tommy Tiernan could not do better!!

I would love to go further but then Brendan would ban me, and where else would I find gems like this.


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## dub_nerd (6 Mar 2013)

RL08 said:


> We have savings we could use but it would empty us out and it seems so unfair when we bailed out the banks






cremeegg said:


> This is priceless. Tommy Tiernan could not do better!!
> 
> I would love to go further but then Brendan would ban me, and where else would I find gems like this.


 
Allow me, then.

OP, the rest of us bailed out the banks too. Other than the most astonishing dose of hubris, what exactly makes you think we should bail you out too? 

I'd really genuinely like to know, because I am completely flabbergasted how anyone could think they deserve to get their slice of the bailout money back and to hell with everyone else.


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