I currently have a three bed house in approx 75k negative equity but am looking to move to a 4 bed detached. The difference in what we could get for our house and the cost of the new house would be maybe 40K which would mostly be made up of savings. We would hope that we would not have to borrow any more funds from our bank (Ulsterbank).
We are currently on a tracker mortgage with UB but will lose this even if just changing property without additional funds. We will have to move from a 1.15% above ECB to 2.5 above ECB(for 5 years) and then to variable/fixed.
If we move, it will probably be our last move so would hopefully be in a position to pay some extra into the mortgage for the first five years at the lower rate.
Does anybody have any experience of a similar move or any advice as to how to proceed.
We are currently on a tracker mortgage with UB but will lose this even if just changing property without additional funds. We will have to move from a 1.15% above ECB to 2.5 above ECB(for 5 years) and then to variable/fixed.
If we move, it will probably be our last move so would hopefully be in a position to pay some extra into the mortgage for the first five years at the lower rate.
Does anybody have any experience of a similar move or any advice as to how to proceed.