A friend has agreed a sale on his apartment which has a BOI tracker.There is a 25k shortfall and the bank is refusing to allow sale.
BOI policy is to allow negative equity to be carried into a new mortgage within 6 months whilst retaining the tracker rate +1%
As he has not selected a new property they want to charge him 9% on the shortfall.
Appreciate any advice.
BOI policy is to allow negative equity to be carried into a new mortgage within 6 months whilst retaining the tracker rate +1%
As he has not selected a new property they want to charge him 9% on the shortfall.
Appreciate any advice.