Brendan Burgess
Founder
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ptsb has announced details of their new negative equity mortgage. Most of the coverage has been on the fact that transfers of negative equity are allowed. I have attached their case study for someone in negative equity and an SVR trading up.
https://www.permanenttsb.ie/whatweof...rochure-ebook/
Conditions for a Negative Equity mortgage (tracker or SVR)
Note: Transferring Negative Equity is only available to existing permanent tsb customers on home loan mortgage interest rates.
• This offer is only available to existing mortgage customers whose account(s) are operating in order as set out in the terms and conditions of their mortgage and have not been in arrears or availed of an alternative repayment arrangement in the past 24 months as a means of helping with repayment difficulties.
• The existing property and your new property must be your family home.
• You must contribute a minimum of 10% of the purchase price towards the purchase of the new property as a deposit.
• You must have sufficient funds to pay all costs, including stamp duty and legal fees, estate agent’s fees, etc. These cannot be deducted from the sale proceeds of your existing property.
• For customers who are in Negative Equity and want to trade up (i.e. where the total loan amount has increased), a maximum LTV on the new property of 125% applies.
• For customers who are in Negative Equity and want to trade down (i.e. the total loan amount will decrease), a maximum LTV on the new property of 175% applies.
• The maximum total loan amount for a trade-down mortgage is €550,000.
• If you are trading up and need additional funds to purchase the new property, these funds will be offered at home loan New Mortgage Business rates.
• The maximum term available is 35 years subject to an upper age limit of 70 for the oldest applicant at loan maturity.
• The minimum total loan amount is €40,000 (this includes the Tracker Portability loan amount).
• Repayments will be capital and interest.
• The purchase of the new property is expected to take place on the same day as the sale of your existing property, but no later than six months afterwards.
• 100% of the sale proceeds of the existing property must be used to reduce your existing mortgage debt.
• This is a limited offer subject to available funding
https://www.permanenttsb.ie/whatweof...rochure-ebook/
Conditions for a Negative Equity mortgage (tracker or SVR)
Note: Transferring Negative Equity is only available to existing permanent tsb customers on home loan mortgage interest rates.
• This offer is only available to existing mortgage customers whose account(s) are operating in order as set out in the terms and conditions of their mortgage and have not been in arrears or availed of an alternative repayment arrangement in the past 24 months as a means of helping with repayment difficulties.
• The existing property and your new property must be your family home.
• You must contribute a minimum of 10% of the purchase price towards the purchase of the new property as a deposit.
• You must have sufficient funds to pay all costs, including stamp duty and legal fees, estate agent’s fees, etc. These cannot be deducted from the sale proceeds of your existing property.
• For customers who are in Negative Equity and want to trade up (i.e. where the total loan amount has increased), a maximum LTV on the new property of 125% applies.
• For customers who are in Negative Equity and want to trade down (i.e. the total loan amount will decrease), a maximum LTV on the new property of 175% applies.
• The maximum total loan amount for a trade-down mortgage is €550,000.
• If you are trading up and need additional funds to purchase the new property, these funds will be offered at home loan New Mortgage Business rates.
• The maximum term available is 35 years subject to an upper age limit of 70 for the oldest applicant at loan maturity.
• The minimum total loan amount is €40,000 (this includes the Tracker Portability loan amount).
• Repayments will be capital and interest.
• The purchase of the new property is expected to take place on the same day as the sale of your existing property, but no later than six months afterwards.
• 100% of the sale proceeds of the existing property must be used to reduce your existing mortgage debt.
• This is a limited offer subject to available funding