The Cental Bank's attitude to negative equity mortgages

Brendan Burgess

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The purpose of this thread is to document the practices of the different banks.Argue the merits and demerits of negatice equity mortgages at "Why do the banks not do negative equity mortgages?" Brendan Burgess

I got this response from the Central Bank

 
On 17 April Niall Brady had an article in the Sunday Times which added the following


Bank of Ireland intends to offer them.
PTSB says they are under review
AIB, EBS and Ulster say they have no plans
Click to expand...
 
I understand that Bank of Ireland is already offering them on a case by case basis.

Dave Guinnane of PTSB said on Morning Ireland this morning that there would not be a negative equity product, but that there would be a "process". By which I assume he means that they will offer them on a very limited basis.
 
As you know I'm particularly interested in the PTSB options. My plan down the line (if interest only is not on offer and renting proves unpractical) would be to see if they will let me put it on the market, and take the shortfall at the current tracker rate, over the same period. The immediate complications I can see are that once the house is sold and I'm not planning on buying another property in the state, it becomes unsecured, so it's not a mortgage I guess? Interesting to see how they deal with this as part of it.
 
Brendan Burgess said:
On 17 April Niall Brady had an article in the Sunday Times which added the following:

Quote:
Bank of Ireland intends to offer them
Click to expand...

ICS is part of Bank of Ireland's group. Do you know whether they would adopt BOI's policies on this?

Thanks
 
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