in Negative Equity... Can I get a second mortgage

LByrne

Registered User
Messages
75
Does anyone know if your first is in Negative Equity what are the chances of getting a mortgage on a second property?
I have 90K in savings and looking for a mortgage of 180K my first mortgage is in negative equity of 95K.

I need to move something bigger as the first property is 2 bed small apartment.
My first mortgage is 190K. Tracker mortgage interest rate 1.75%.

With my finance we have a combined salary of 80K and save 3200 per month. We dont have any loans, credit cards etc

Any advice would be really appreciated.
 
NO NEED TO SHOUT!

Please edit your thread title to make it more meaningful.
 
A monthly net salary of circa €5,000 and paying a mortgage and saving €3,200.

Tell us your secret!!!
 
Well this is quite simple isn't it. Sell, pay off NE and buy. Bank would be delighted to do this as they will get back their tracker. You ought to look into the moving of NE loans. Some banks allow this and it would be really great if you could transport your tracker. Which bank is it?
 
My mortgage is currently with PTSB. I dont really want to sell as i was hoping to keep the apartment as a pension, I was thinking of more renting it out which i currently am and it covers my mortgage (it is in my tracker agreement that i can rent). So I currently am not paying a mortgage and fortunate enough to be living in one of my parents houses they lease rent free, so I can save 3200 per month between me and my fiance.
Would a bank even consider giving me a second mortgage of approx 170-180K?