Looking for some advice in relation to what Banks are willing to look at. Currently in a situation where we are in negative equity and have to move location due to work and family circumstances.
I have read some of the previous posts in relation to the Expert Group on Mtg Arrears/Personal Debt where trading down debt was discussed but not sure that that Expert Group ever reached a conclusion/final recommendation other than advising the Banks to look into creating such a product? Have the Banks started to implement any of the findings/action plans?
Current Mtg 300k
Current value 175k
Negative Eq 125k
Potential house to buy 162k
New Mtg Required (less savings) 145k............total new mortgage plus negative equity carried over 270k in total will be less than current mtg.
Looking to see if anyone has any experience of Banks in this situation:
(1) will Bank consider above
(2) currently have a favourable tracker so ideally would like to keep tracker on the negative equity portion. As it stands we have a tracker on the full amount so it would be beneficial for the Bank to reduce the amount of tracker debt
Any advice/experience of the above would be welcome.
I have read some of the previous posts in relation to the Expert Group on Mtg Arrears/Personal Debt where trading down debt was discussed but not sure that that Expert Group ever reached a conclusion/final recommendation other than advising the Banks to look into creating such a product? Have the Banks started to implement any of the findings/action plans?
Current Mtg 300k
Current value 175k
Negative Eq 125k
Potential house to buy 162k
New Mtg Required (less savings) 145k............total new mortgage plus negative equity carried over 270k in total will be less than current mtg.
Looking to see if anyone has any experience of Banks in this situation:
(1) will Bank consider above
(2) currently have a favourable tracker so ideally would like to keep tracker on the negative equity portion. As it stands we have a tracker on the full amount so it would be beneficial for the Bank to reduce the amount of tracker debt
Any advice/experience of the above would be welcome.