ulster bank - new mortgages (neg equity)

i have mgage with ub in a city with negative equity property and owe €280k while value of prop is €175k - i would like to sell this property and buy a house out the country with the 175k, UB will have the same liability and the same term and my repayment capacity has increased. any advise if there is anything i can do, i contacted them 6 months ago and the adviser was clueless and didnt seem to even know UB practice around this isue.

Am a little confused with your question. Are you asking if the bank will let you sell your property that's in negative equity and then keep the proceeds to use to buy an additional property outside of the country ??

no out in the countryside not out of the country -getting a lot bigger house -living in a terraced 3bed house with two kids so no room while for 175k 30 mins from the city can get a 4 bed detached house

I would try to get out owing as little as possible, and rent in the countryside. Less headache for you. I am in a similar position and cannot wait to hand back the keys and rent! Stress levels will drop instantly, and all concerned will have a happier life. I can't see the bank letting you do this, but am no expert. I just have never heard of it happening really.

But interested to know why you need more than three bedrooms with just two kids?

Hi, I am also with Ulster Bank, and I spoke to them earlier this week, I am in a similar situation as you, about €100k of negative equity.
Ulster Bank said I would have to clear the negative equity before I could sell and buy elsewhere.
By doing this I could also keep my very valuable tracker.

I don't understand how you have no room if you only have 2 kids and 3 bedrooms?

You may ask the bank really, put your case to them and try to find a way to make it seem attractive to them. But living farther away will mean more cost for you in terms of travel and so on, so I can't see them going for it. Maybe someone who knows more will give an opinion though. I can totally see why you would want to move, I would too, but doubt the banks will go for it. Their aim is to recuperate the money they gave you, not improve your quality of life.