Help needed selling apt in negative equity

8 years apt living,any advice on selling an apt in negative equity. Had enough of agents and paying fees for little return.
Thanks in advance.

Hi Mary! You have received no response as your query is not detailed enough. You need to fill out a full money makeover in order to get more specific advice.

44brendan said:

Hi Mary! You have received no response as your query is not detailed enough. You need to fill out a full money makeover in order to get more specific advice.

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Thank you 44brendan. .

Purchased an affordable apt from council December 2007 for just under 200, 000. Delighted I was at the time but 8 years later I'd love to sell but am unable due to the property now valued at 115,000. Mortgage remaining 160,000aprox. Would love to get advice on buying a small house not run by agents or property managed estates. Would love to get advice on what best I can do. Don't get my wrong I love my home but apt living is not for me anymore. Thanks all.

Age:40

Spouse’s/Partner's age: single


Annual gross income from employment or profession: admin

Annual gross income of spouse: n/a


Monthly take-home pay


Type of employment: e.g. Civil Servant, self-employed permanent contract.


In general are you:
Little of both.
(a) spending more than you earn, or

(b) saving?


Rough estimate of value of home 115,000

Amount outstanding on your mortgage:150; 000

What interest rate are you paying?tracker rate.


Other borrowings – car loans/personal loans etc car loan 170 per month. Finished Aug 2016.


Do you pay off your full credit card balance each month? Don't have credit cards.

If not, what is the balance on your credit card?


Savings and investments: max 800 saving, use this for rainy days.


Do you have a pension scheme? Yes


Do you own any investment or other property? Own


Ages of children: n/a


Life insurance: Yes


Hope this is enough information

Is your total savings 800 or is this a monthly figure that you save ? In order to even try and get another mortgage you will need 20% of the house price. Have you approached the council regarding selling the apartment to them. I can't be certain but I recall that they are offering to buy people out with incentives due to the current shortage.

Total saving , it's not really saving it's for bills.
Oh I always thought council in cork had no money to buy. I will look into that elcato. Thank you

See BoI commentary re transfer of negative equity mortgages https://personalbanking.bankofireland.com/borrow/mortgages/information/Negative-Equity/
AIB have a similar offering. The main issue relating to your ability to transfer is repayment capacity. It is unlikely that you will be granted a higher mortgage unless good repayment capacity is evident. Your best option at this stage is to discuss the proposal with your bank and see what they can offer you by way of a negative equity transfer of existing mortgage or affordability to increase the current mortgage. You can then approach the issue with some understanding of what is available to you by way of funding a new property upon sale of your existing one.