mortgage switch while in borderline -'ve equity

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pcocp

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I assume the following is not possible?

Married couple, now one (good) income. Public servant,€50k
Outstanding mortgage of €288K, NO other debt. (C.C's, car loans, personal loans etc)
On fixed rate of 4.75% until next may. Current mortgage provider not giving the best rates compared to other banks at the moment.

If my current mortgage provider does not offer me what I consider to be a good rate next may, would another mainstream bank offering the most competitive rate entertain the idea of transferring the mortgage, in order to get the best rate going?

I want to get working on this now so I can be in a position to say to my current provider that I have options if they wont give me a good rate.
Also, are trackers a thing of the past? or could existing mortgage holders still obtain one?

Mortgage is 6 years old, never missed any payments, but was originally a joint, 2 income application. Also, house prices in the area have nosedived, obviously, but a neighbouring property was sold this month for €275k, & anyway we have no plans to move at all.

Your thoughts please, thanks,
PCOCP.
 
My experience of remortgaging, it's effectively the same as applying for a new mortgage all over again. They will look at how much you want to borroww & your ability to repay. They will then look at the LTV ratio. I don't think any banks are doing any more than 92%, and usually to get the good deals you have to be under 80%, 60% or maybe even lower.
 
Most of the banks will only lend up to a maximum of 90% of the value of a property, so if you use your neighbours house sale as a guide, you would only be eligible for around 250K, you might want to speak to a mortgage broker to see what options are available, a bank might be tempted to make you a better offer taking into account your secure employment. You might try www.powerconsultancy.ie I have used them in the past for a top up on my own mortgage and they were very good.

You will also have to take into account legal fees and property valuation fees etc, many of the banks are still offering to make a contribution towards these costs mostly around €1000 for your legal fees and €150-200 for valuation, but there are normally conditions attached such as the requirement that you use a legal rep recommended by the bank and that you stay with the bank for at least 5 years
 
AIB will give you legal fees up to 1200 euro and you can use your own solicitor.
 
It's highly unlikely though.

You agreed to a fixed rate so if you leave they will probably benefit from a breakage fee plus they will get a mortgage that is as you say yourself borderline negative equity of their books.

Sorry to be the bearer of bad news but it looks like you are stuck where you are unless you can get a valuation of at least 313k on your own property plus prove to a lender that you can support the mortgage with one income.
 
all the above is good advice, but from your salary it looks like you would need more than 7 times your net salary. Cant see any bank giving that.
 
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