(SVR, interest only atm, with Bank of Scotland) Will they negotiate to buy out mortg?

[last in]

Guys

Just playing around with an idea in my head and maybe its crazy or can anybody think of a way it can work.

I have a house not my PPR but renting at the moment and the tenant wants to buy it. Outstanding mortgage of €225k (SVR, interest only atm, with Bank of Scotland) and I have agreed a selling price of around €280k or less (still in negotiations) but will come out ok. Anyway I have the possibility of getting the €225k and payoff the mortgage before I sell (parents money, long story and I don’t know would they give it me anyway to do this?) but I was thinking if I could approach the bank before the sale goes through and offer to pay off the mortgage at a discount, then sell the house and pay my parents back???

I know that PTSB are getting 10% so that’s the minimum I could expect and BOS are looking to get out of Ireland so I think my hand would be strong.

Any ideas, comments or maybe how I could approach the bank with a plan?

Thanks in advance
Last in

 

[Dave Vanian]

If it's an SVR anod not a tracker, Bank of Scotland have very little incentive to offer you any discount, other than running down their book of business here. The PTSB offer was for tracker mortgages only.

 

[Gekko]

The PTSB deal was heavily publicised but there's also anecdotal evidence of banks negotiating bespoke deals with individual customers.

Contact BOS with a view to doing a deal. As Dave says, they're winding down their business so perhaps a deal might suit them. Don't obviously mention the potential sale - Just tell them you might have access to X (e.g. €200,000) and make the point that property values have collapsed and your property should prove difficult to sell. Sell the deal to them.