Working mam
Registered User
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- 40
I'm in the same boat as so many others, bought what was to be a starter house in 2006 at the height of the boom, and now have negative equity of approx €180k after we had the house valued last month.
We would love to move house as we are not living near work or childminder and as a result I get no time with my children as I'm picking them up from work at their bedtime or near enough to.
We qualify for a new mortgage amount that covers the negative equity portion plus the cost of a property where we want to live but there is no mortgage product to allow us do this. Frustrating as the negative equity would be the same amount regardless of the house we're living in and so is the same risk to the bank, i.e in worst case scenario and we were ever in a position where the house was repossessed the bank would be at a loss for the same amount. I hope that makes sense.
Sorry this has become a bit long winded, I just wonder will the banks ever come up with a decent and equitable (excuse the pun) neg equity mortgage product or is there even any hope that there may be small write downs of neg equity to help people
We would love to move house as we are not living near work or childminder and as a result I get no time with my children as I'm picking them up from work at their bedtime or near enough to.
We qualify for a new mortgage amount that covers the negative equity portion plus the cost of a property where we want to live but there is no mortgage product to allow us do this. Frustrating as the negative equity would be the same amount regardless of the house we're living in and so is the same risk to the bank, i.e in worst case scenario and we were ever in a position where the house was repossessed the bank would be at a loss for the same amount. I hope that makes sense.
Sorry this has become a bit long winded, I just wonder will the banks ever come up with a decent and equitable (excuse the pun) neg equity mortgage product or is there even any hope that there may be small write downs of neg equity to help people