AIB's mortgage advisor also tells us that the Central Bank deposit rules DO apply to us and we would require a 20% deposit on the new home. We met the loan-to-income requirements.
Involves moving to a property of greater value than the value of the existing property
Up to 80% Loan to Value (LTV) finance is available to you towards the purchase price of your new property with a Max LTV 75% for one-bedroom apartments
The combined balance of the residual debt and the new mortgage must be of a lower LTV than the LTV of the existing property
The maximum Loan to Value of the new property including the residual debt cannot be more than 175% subject to a maximum loan balance of €700,000.
Up to 80% Loan to Value (LTV) finance is available to you towards the purchase price of your new property with a Max LTV 75% for one-bedroom apartments
I have just read the NE AIB brochure just now. Has it changed recently. Loan top up is new mortgage -at new rates including ne. Does that mean the tracker is lost? I thought you get the balance of your neg equity property transferred!
Plus 20% deposit.
Can we confirm a major change with AIB?
What about tracker transfer? Is that a different product
Negative equity mortgage/
Tracker transfer/
Negative equity tracker transfer
I brought this comparison to the attention of AIB who has informed me that the 80% max was a temporary limit while they were reviewing this product. They now lend 90% but the website has not caught up with the new product yet.