negative equity trade up

B

bungaro

Registered User
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hi
just heard something from a friend of mine which i wasn't aware of so i'm looking for clarification here. we are in negative equity and would like to trade up. being second time buyers i thought we would have to have the 20% needed for the next deposit but i'm being told as we're in negative equity that we only need 10%?? is this right??
 
The Central Bank regulations do not apply to you.

The bank will have its own regulations.

Which bank is it?
Do you have a tracker?

Give the figures for value of current property, mortgage outstanding, the value of the property you would like to buy and how much you have for a deposit.

Brendan
 
we're with aib and we've around 248k left on the mortgage. its a fixed 1 year rate which will be finishing soon. we have (with a loan from our parents and with our savings) between 55k to 60k available for the deposit (so around a 300k house). i'm hoping to sell our current place for 230k so we'll be bringing over around 20k loss
 
hi again

the guy i talked to in the aib mortgage centre hadn't heard of this either!

so we have an aib valuer coming tomorrow so at least we will have a figure to give to the bank. what do i need to get their permission to sell?? i have a meeting with the bank on monday to see my options about getting another mortgage off them and carry the negative equity. but can i just tell them i want to sell, keep paying the negative balance and go with another lender if i think they offer a better deal??
 
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