Negative Equity Mortgage- would we get approval?

Hi
I just looking for opinions/advice on what chance we would have getting a negative equity mortgage.
Salary 1: €60,000,
Salary 2: €46,500
Ages 36 & 32
Savings €50000, saving €500 per month
Biggest outgoings are Rent: €1350 pm & Childcare: €1000 pm

Bought 3 bed house in 2007 which is now in €110k neg equity. This is being rented out at the moment as we now are living closer to family.

Our mortgage is with KBC Bank, the mortgage is €290k, house is worth €180k. Rent we receive every month does not cover the mortgage, we pay €150 a month ourselves on top of our rent in our current place.

We are renting a house in another area but are seeing rents increasing at the moment. Ideally we would like to buy a house in the area - approx €330k & sell our original house and take the €110k neg equity to the new mortgage. From what i can see, KBC are doing neg equity mortgages now. Really I just want to know have we any hope before I even approach the bank?

Thanks for all help.

€400k of net borrowing on €100k with €60k of negative equity. Looks too overborrowed to me.

Selling and buying your own house is a good idea. But could you not look for a cheaper house - maybe €250k?


Brendan

We definitely could look at a cheaper house if needs be. Kind of settled in the area we are currently renting in is all, so had hoped to buy in that area and €330k is the going rate.

Realistic enough to know that it might not be a possibility though. But having had a very brief look at the criteria that KBC set out for their negative equity mortgages and done some very very rough calculations based on these criteria, i thought we may have a chance.

Just wondering if someone more qualified than me could give me some further insight though

Would you not consider renting out property you own long term. Maybe sell up years down the line when out of negative equity. Take out a second mortgage on house where you want to live. It is what I am doing myself and myself and wife have less than half what your earning coming in. Saying that we have no childcare costs, negative equity no where near as high as yours.