Negative equity, want to trade up. How to do this?

[kcat]

We really want to trade up and need to understand what we need to do to get ourselves into that position. What sort of financing do we need before we can ever approach our lender to negotiate selling and trading up? Would appreciate any help based on the following:

Personal and income details
Income self: public servant 50k permanent staff, 33yrs old
Income partner/spouse: public servant 49k permanent staff, 34 yrs old
number of children: one 4month old. Still on maternity but crèche fees will be €900 per month in another 4 months.
Amount of Mortgage Interest Supplement received: €120
Home loan: 360k
Lender: kbc
Amount outstanding: 315k
Value of home: 140k on a good day
Interest rate: tracker Ecb + .95
Monthly repayment: €1550 (we overpay by approx €400 per month which redices the term to 22yrs)
Amount in arrears: 0

No loans

Other savings and investments 40k in high interest fixed term accounts. We also save on average about €1500 per month. Will change when crèche fees start.

After utility bills we generally have about 1400 per month to live on which is more than enough.


How important is retaining the family home to you?
Which of the following best describes your situation?
We really want to trade up to a better family home and a better area for schools. we have seen houses guiding approx 390k in areas that we want.

 

[dereko1969]

You would be carrying negative equity of €175k plus €390k with a deposit of €40k - absolutely no chance I'm afraid to say.

If you're with BOSI then they may be prepared to deal a deal to get rid of your tracker mortgage but even so you're just not in a position to be looking at houses of that price with any sort of negative equity carry-over and a small deposit.

 

[cremeegg]

You have an income of €99k and are overpaying your mortgage by €440 per month. How are you in receipt of mortgage income supplement ?

 

[wbbs]

I think a lot of people think that means TRS not MIS, maybe there should be two sections.