Best Approach to clear mortgage

D

darkbeatz

Registered User
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Hi All

We are selling our home soon and will have negative equity which we are going to pay off with savings (25K)

Has anyone got any experience or ideas with the best way to approach the bank in this instance to try and use as little of our savings as possible? i.e rather than telling them we will pay from our savings, try a negotiate our way out of the mortgage more financially efficient.

Thanks
 
Have you been in discussions with the bank yet? You won't be able to complete a sale without their permission.
 
Hi - This will be the first communication with the bank which is why I want to approach it correctly to see if we can negotiate a better deal while also seeking their permission. We don't have a tracker mortgage unfortunately which would really go in your favour when it comes to this type of thing.
 
You could say you can borrow 10k maybe more from family and see if they bite

Are you making full payments atm?
 
I suppose you can ask, but I can't see any argument which you could use to get a reduction. You owe them the money. You are able to pay it. You pay it.

If you had a tracker or if you were in financial difficulty, they might do a deal with you, but even then, they are unlikely to.

If, by any chance, it's Bank of Scotland, you could tell them that you are thinking of selling your house. Is there any deal going to encourage you.

Don't start with "I have sold my house. Will you give me a discount?"
 
not yet as my solicitor has yet to engage. After reading Brendan's comment I think I will just be up front and agree to pay off the NE with savings. The last thing I want to do is delay things even further.
 
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