Bought house in 2006 at the height of the boom. Had to move house to get a job. Currently have signed contracts for sale. Negative equity of around €90K.
Current location is good, near family and reasonably good and secure job. Have wife and two young kids and renting home in this area.
Want to build a house on site gifted by family but am afraid won’t get mortgage with the negative equity.
Proposal at the moment is to pay off neg. eq. amount over 7 or 10 years to allow us sell the current house. Just wondering what I should do. As far as I can see, my options are:
1 – Suck it up. I can’t afford to build and should accept it until the neg. eq. is paid off
2 – Use savings to pay off neg. equity. Will then have nothing to put towards house build.
3 - Would need about €120K plus savings or €200K without savings to build house
4 – Bank of Ireland negative equity mortgage. Would they take neg. eq. from another bank?
5 – Try and get bank to accept some of the losses for the neg. eq. They gave 100% mortgage and included salary of my wife who was on a one year employment contract. Anyone have any luck with this approach and suggest how best to go about it? Not hopeful on this one.
6 - Any other options to put to the bank?
Thanks for any advice.
Current location is good, near family and reasonably good and secure job. Have wife and two young kids and renting home in this area.
Want to build a house on site gifted by family but am afraid won’t get mortgage with the negative equity.
Proposal at the moment is to pay off neg. eq. amount over 7 or 10 years to allow us sell the current house. Just wondering what I should do. As far as I can see, my options are:
1 – Suck it up. I can’t afford to build and should accept it until the neg. eq. is paid off
2 – Use savings to pay off neg. equity. Will then have nothing to put towards house build.
3 - Would need about €120K plus savings or €200K without savings to build house
4 – Bank of Ireland negative equity mortgage. Would they take neg. eq. from another bank?
5 – Try and get bank to accept some of the losses for the neg. eq. They gave 100% mortgage and included salary of my wife who was on a one year employment contract. Anyone have any luck with this approach and suggest how best to go about it? Not hopeful on this one.
6 - Any other options to put to the bank?
Thanks for any advice.