First time poster, long time reader!
Has anyone any experience of BOSI and are they looking to offload mortgages by sweetening the deal for paying off early?
Currently about 20k in neg equity and looking to move. Obviously we cannot bring our mortgage with us and we are finding other lenders will not take us on with a 2nd property (even though rent would cover mortgage...grrr)
So our only option seems to be to pay off BOSI mortgage. We are in perfect credit, never missed a payment.
We have been advised by a broker to get our house valued and approach BOSI and ask them if they will accept an offer (it would be about 10k below what we owe).
Anyone any experience of this? I read some old threads on this topic but couldn't find anything concrete.
I have asked BOSI in the past about a discount for paying off two mortgages early and was told no both times. Trackers not in negative equity.
Couldn't be sure they were on a tracker, the discount was the circumstance, it made sense for the customer and they took a much shorter term loan, plenty of income so I imagine that loan will not even see out it's term.
I definitely know of a case where they accepted less for a BTL property, don't know the exact figures, settlement figure was around 80k so not sure what the outstanding loan had been, small rural town so value or original loan would not have been massive, not a negative equity situation either.
Couldn't be sure they were on a tracker
I'm pretty sure that's the first concrete report along those lines
To be honest, a second hand report where the reporter can't even confirm if it was a tracker, does not constitute a concrete report.
To be honest. It's the first rumour of BoSI doing a deal.
Brendan
Hi mariano
Does your proposed new lender take no account at all of rental income? Different lenders seem to apply different requirements in this regard and it would be helpful for others to know with which lenders you have had discussions.
Hi Sarenco,
We've approached KBC directly and they have said they do not take rental income into account because its not guaranteed. I can understand it but its frustrating all the same. I think AIB are similar - Ulster bank are a bit more lenient but haven't had it confirmed by them yet.
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