poolfanabc
Registered User
- Messages
- 39
Hi,
Could someone point me in the right direction on what are the best steps for me to follow in order ot look at trading up, although being in a negative equity mortgage.
I currently have a tracker mortgage with ICS, which I can comfortably pay. Myself and my wife have luckily well paid secure jobs. The main problem is that our cash savings of ~€70k would only partially offset the estimated €100k negative equity, then woudl have no savings remaining to offset against the purchase of the new house.
I know BOI/ICS already allow negative equity transfer to a second home, however the transferred negative equity interest rate is no longer at tracker rate, it is treated as the same as principal of 2nd mortage at the higher variable or fixed rate, so that could work out very expensive.
I belive that the first step is to talk to a financial professional who has dealings with ICS, to discuss what if anything better I could expect from ICS or another bank, the figures of rental of existing house and getting 2nd mortgage etc, however I have no idea where to even begin to find a suitable financial advisor.
I would appreciate anyone that is similar place or any financial professional on what steps I should now take.
Could someone point me in the right direction on what are the best steps for me to follow in order ot look at trading up, although being in a negative equity mortgage.
I currently have a tracker mortgage with ICS, which I can comfortably pay. Myself and my wife have luckily well paid secure jobs. The main problem is that our cash savings of ~€70k would only partially offset the estimated €100k negative equity, then woudl have no savings remaining to offset against the purchase of the new house.
I know BOI/ICS already allow negative equity transfer to a second home, however the transferred negative equity interest rate is no longer at tracker rate, it is treated as the same as principal of 2nd mortage at the higher variable or fixed rate, so that could work out very expensive.
I belive that the first step is to talk to a financial professional who has dealings with ICS, to discuss what if anything better I could expect from ICS or another bank, the figures of rental of existing house and getting 2nd mortgage etc, however I have no idea where to even begin to find a suitable financial advisor.
I would appreciate anyone that is similar place or any financial professional on what steps I should now take.