Repaying Mortgage and bargaining with bank using Tracker

I hope this makes sense....new poster here but really need your valued opinions!!!

Rightio, we want to sell our house and move back to my home place....my dad is elderly and widowed and lives alone in a large 4 bed with plenty of space. We are currently mortgaged with Ulster Bank (2 months in arrears too, two missed payments, 1 about 2 years ago and one last year) but after having the auctioneer out this week are are in negative equity of about €50,000. Ok this isn't huge but we really need to sell and cannot make up this deficit. I was told that banks are offering a 10% reduction on those paying off their tracker mortgages, is this a load of codswollop????? What are our options. We have other borrowings too and don't know if we can carry this forward and get a personal loan to repay the negative equity!!!

Sorry, it probably doesn't make sense, so for those of you that can make it out, any replies greatly appreciated. :0)

Have a look at the MARP paperwork on the UB website, it might be worth exploring a re-negotiation of your current mortgage. they are obliged to let u keep the tracker.
http://www.ulsterbank.ie/content/downloads/ROI_Standard_Financial_Statement.pdf

Also look here: [broken link removed]

for the guidelines.

There is a note in the paperwork that if you miss 3 payments or part of 3 payments and you don't have an arrangement in place it can get a bit sticky so if you do use the MARP process get the missed payment counter set back to zero

I would think long and hard about moving back home, especially from the viewpoint of what effect 'household' income will have on your fathers entitlements from the state: fone,coal,tv, etc.
Having said that you may be able to claim carer's allowance....

SW benefits etc are not my area of expertise so chat to the Citizens advice folk or trawl their website.

To avail of the 'mythical' reduction on writing off part of tracker loans if repaid, u need to do it in full.
I think the rate on a PL would kill you.

If you are an only child perhaps explore getting the parental home signed over to you with a legally binding arrangement to give your dad a lifetime interest/right to live there, even if he is in and out of hospital, then you have a second asset to play with.
HTH

PTSB is(was?) offering a 10% discount on trackers.

Ulster Bank is not. You could ask them for a discount, but I doubt if they will give it to you.

I don't think it's a good idea for your father to sign his house over to you, for many reasons. But the main one is that UB would see that you were a person of means and would definitely refuse to do any deal. If you were in more serious arrears and you went to them with a deal "My dad will sell his house if you give us a deal..." they might do something, but even then, I doubt it.

UB will probably agree to the sale as long as you agree to repay the shortfall over the term of the loan at the mortgage interest rate.

I agree with BB re the signing over however all options should be considered
Depending on the math, is renting your current house an option?.

The MARP process will still apply iff you have one property so you could rent, move back home and still keep the tracker, as if you are in the MARP they cannot force you off it.

Hi guys, thanks for the replies....a few things I should clear up.

My intention is not to live with my father long term. I have lots of siblings who live close by and he is in good health so he doesn't need caring for (well at the moment anyway). We are just moving in with him for a while until we see how we feel about being back home and if we settle there and my hubby and girls settle and like it we will find our own house to buy, possibly a year or two. We don't want to rent our house out as it is continuing to lose money for us and whatever chance we have of bridging the NE gap now, we won't be able to in a year. That's the crux of this whole thing that the house continues to lose money. The area isn't the best and it was never our intention to stay here long term so we really have a window now to get out and that's what we are doing.
I rang UB today and they will give us a loan for the NE and we can repay that. I was just hoping that there might be some other way to bargain the price with them but if it means we are released from this house and have to pay a rather large personal loan we will just have to suffer it, I suppose.

Anyway, thanks a mill for your help.