Hi i would welcome some advice i own a home which is 25k in negative and currently for sale. this house is vacant due to no rental demand in area. i am renting in another county for work reasons. i have been gifted a site and have mortgage approval to build. this approval is on the condition i clear negative equity from savings as the bank will not approve a negative equity mortgage. i am fearful of clearing my savings but otherwise i am continuing to rent and pay mortgage any advice appreciated
negative equity and savings
- Thread starter joannej
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Brendan Burgess
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You need to give more information
1) Which bank is your current mortgage with
2) How much is it
3) What is the value of your home
4) How much savings do you have
5) How much will the build cost
1) Which bank is your current mortgage with
2) How much is it
3) What is the value of your home
4) How much savings do you have
5) How much will the build cost
hi Brendan
I am with Aib and my mortgage outstanding is 110k.
The house is valued at 100k but offers have not exceeded 90k
Build cost is 160k and have full approval.
I have 25k in savings.
thanks again