Not totally broke yet but can I negotiate off some of the Mortgage if selling?

[JoeB]

How would the banks know which of their customers have the facility to repay early?.. most people wouldn't.

If the money was in a different bank then they wouldn't know.

But if the money is with the same bank then they do know... but is this legal? What I mean is, the banks have set themselves up as seperate companies.. like BOI mortgages, and BOI current accounts... so how is it legal for these seperate legal entities to exchange info? Is there not Data Protection laws? I know the companies all come under umbrella groups but it's still questionable in my view.

Has the Data Protection person ever examined this idea of legally different companies under an umbrella exchanging info?.. even if this is mentioned in contracts.. perhaps the clauses are illegal.

 

[RIAD_BSC]

Don't assume the bank is losing money at the moment. If it is not then settling for less than the outstanding sum will automatically crytallise a loss on the mortgage.

If the bank was losing money on the OPs mortgage I would guess that they would be the one opening the negotiations to close the mortgage at a discount.
The fact that they are not doing so would lead to the presumption that they will not agree to the OPs suggestion.

Unless the OP is paying a near double-digit annual mortgage rate, then of course the bank is losing money on it. That's not speculation, it is fact. Three-month interbank money costs Irish banks well over 5%, probably nearer 6% at this stage. That's before the bank pays for its cost base. No Irish bank is making money on mortgages right now. That's old news.

 

[NorfBank]

Assuming it's an Irish bank.

So many assumptions in thread to be fair, OP good luck with your negotations, let us know how you get on.

 

[Ailesbury]

You have no chance. If banks started this, there would be a free for all. You willl have to pay the debt down in fulll.