negative equity mortgages in Ireland

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rory22

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Hi all, just doing some search’s to find out if there are any mortgage options for people, like myself who have negative equity. I can't seem to find anything but hoping somebody out there may know of one.

My situation is that I bought what I could afford in 2006 and now have negative equity of 200K approx.
I am now looking to move house because of a growing family and can't afford to buy myself out of the negative equity. What I would dearly love to do is sell my house and buy a new one for the same mortgage as I have now but because prices have gone down I could probably get the bigger house my family needs.
Does anybody out there know if such a facility exists? Through my searching online I've had no joy but came across a proposal on the website- Your Country, Your call which is exactly what I need, but from reading the proposal it would suggest that nothing of this nature in existence yet. Here's a link to the proposal- Cure for Negative Equity

Any suggestions or links to information about this type of mortgage, or a way of getting around negitive equity without having to pay the shortfall all at once would be much appreciated.
 
Hi Rory

This is discussed elsewhere on Askboutmoney.

The short answer is NO.

The long answer is to let out your home and rent another one suited to your needs.
 
Thanks Brendan, just did an AAM search on it and came up with some interesting points. The rental option is probably the most likely medium term solution alright.
 
I just read this proposal, very interesting. I think the proposer would have been better to give examples where it worked as he mentioned it worked in other places (he should state the countries / banks / outcome).
Click to expand...

Good point fizzelina, I've tried to find examples from the US and UK regarding negative equity products without success. I did manage to find an interesting piece in the indo from last December, but can't imagine any of our zombie banks sticking their necks out at this stage.

http://www.independent.ie/opinion/a...sitives--even-of-negative-equity-1965720.html

http://www.askaboutmoney.com/showthread.php?t=132533&highlight=negative+equity
 
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