We currently own a house we bought in 2007 for 200k on a tracker mortgage. It is now worth aprox 140k with 167k still left to pay.
We want to sell it as we are moving to a different county for work and want to buy a house and settle there. We approached the bank the mortgage is with (BOI) to see about moving our tracker with the negative equity but they told us we would not qualify for a new mortgage as we do not earn enough.
We approached a different bank who have approved us in principle for the amount we need on the condition we sell the other house and clear the loan.
We have a good bit of savings but not enough to clear the negative equity and a deposit for our new mortgage.
So my question is, if we sell the house for 140K and are left with 27k aprox to clear, should we approach the bank to see if we can do a deal on what's left over and get it reduced or written off or are the banks not so worried about tracker mortgages anymore?
Can anyone give us some advice on how to proceed with this or any other options.
Thanks
We want to sell it as we are moving to a different county for work and want to buy a house and settle there. We approached the bank the mortgage is with (BOI) to see about moving our tracker with the negative equity but they told us we would not qualify for a new mortgage as we do not earn enough.
We approached a different bank who have approved us in principle for the amount we need on the condition we sell the other house and clear the loan.
We have a good bit of savings but not enough to clear the negative equity and a deposit for our new mortgage.
So my question is, if we sell the house for 140K and are left with 27k aprox to clear, should we approach the bank to see if we can do a deal on what's left over and get it reduced or written off or are the banks not so worried about tracker mortgages anymore?
Can anyone give us some advice on how to proceed with this or any other options.
Thanks