Mary Apt owner
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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.
Thanks in advance.Help needed selling apt in negative equity
- Thread starter Mary Apt owner
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Mary Apt owner
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Thank you 44brendan. .
Mary Apt owner
Registered User
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- 6
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.
Mary Apt owner
Registered User
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- 6
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
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.
Mary Apt owner
Registered User
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- 6
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
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.
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.