BTL property is now worth 100k more than the mortgage balance. There has never been any arrears and the loan is on a low tracker rate. The loan was recently sold to Promontoria and is now managed by Pepper. On the basis that the vulture is stuck with a performing loan for another 15 years on a low rate, (so they will probably want to sell it on after 5 years), I'm wondering if they might settle for less than the €300k loan balance to get rid of me? I could refinance elsewhere at a higher rate and then happily sell the property if a decent settlement discount is available. Has anyone had any experience in this area? Any rule of thumb for how much I should offer in settlement?
I appreciate that in negative equity cases I might typically be looking at the current market value plus a contribution towards the residual debt to settle, but thankfully I am in a much more fortunate position now. I am not in any financial difficulty and could hang on in there, but if there was a deal to be done, I'd be happy to get out. Any suggestions would be gratefully received.
I appreciate that in negative equity cases I might typically be looking at the current market value plus a contribution towards the residual debt to settle, but thankfully I am in a much more fortunate position now. I am not in any financial difficulty and could hang on in there, but if there was a deal to be done, I'd be happy to get out. Any suggestions would be gratefully received.