The chances of a deal from ACC Bank or Danske
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Brendan Burgess
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Hi brendan
And the same now applies to Danske/NIB, although their arrears book is in good shape.
Any suggestions on how to deal with this?
1) If you are in big negative equity and/or heavy arrears, maybe offer a voluntary sale of the house in exchange for a write off of the shortfall.
2) Especially if it's a cheap tracker
3) If you want to keep the house, see if it's possible to switch to another lender, although it won't be if you are in negative equity or arrears.
And the same now applies to Danske/NIB, although their arrears book is in good shape.
Any suggestions on how to deal with this?
1) If you are in big negative equity and/or heavy arrears, maybe offer a voluntary sale of the house in exchange for a write off of the shortfall.
2) Especially if it's a cheap tracker
3) If you want to keep the house, see if it's possible to switch to another lender, although it won't be if you are in negative equity or arrears.
Bank's are always prepared to do deals. However, if you are approaching a bank, you need to be realistic in terms of both offer and compliance. i.e. there is no point in asking for a deal unless you have the funding to comply with it. Always do your homework first before approaching the Bank. Be realistic with your expectations. The Bank will lready have a good grasp of your financial circumstances.
In terms of Brendan's comments above I would offer the following advice:
1. Yes. From the perspective of the Bank's exiting the market they will agree to do this. Obviously depending on the overall financial circumstances of the borrower!
2. Not as big an issue as you might think!. The foreign banks' costs of funds are lower than the domestic banks. Cheap trackers are generally not an issue in agreeing any debt settlements for these banks.
3. Switching is generally only possible when there is good equity in the property and repayment risk is satisfactory. Only available to a fortunate few. Also consider that switching will lead to loss of tracker rates!
In terms of Brendan's comments above I would offer the following advice:
1. Yes. From the perspective of the Bank's exiting the market they will agree to do this. Obviously depending on the overall financial circumstances of the borrower!
2. Not as big an issue as you might think!. The foreign banks' costs of funds are lower than the domestic banks. Cheap trackers are generally not an issue in agreeing any debt settlements for these banks.
3. Switching is generally only possible when there is good equity in the property and repayment risk is satisfactory. Only available to a fortunate few. Also consider that switching will lead to loss of tracker rates!