I am looking for some more advice. We put our apartment on market in May and have accepted an offer of €121500 and buyer has is ready to close the sale. We had been approved for a Negative Trade up Mortgage on a house worth €200k and we had the 10% deposit. However at the last minute the sale of the house looks like it is falling through due to a land registry issue.
So we still want to sell the apartment. Our outstanding mortgage is €165K and that was in May. We pay €900 a month. So our outstanding NE would be approx €43k. We have €32 in savings and want to use that to pay off some of the NE. After that and solicitor and EA fees I think we would still need a personal loan loan of approx €15k to clear the balance.
I am hoping to speak with the bank today to ask them to let that balance be drawn down as a personal loan in order to sell the apartment. Is that reasonable? We are planning to move back in with family for a year to clear the loan as much as possible and start again.
I earn €36k a year and partner earns €38 basic.
Has anyone successfully done this? I don't feel it's a huge amount to ask to pay off, we want to start again in a few years and save another deposit.
So we still want to sell the apartment. Our outstanding mortgage is €165K and that was in May. We pay €900 a month. So our outstanding NE would be approx €43k. We have €32 in savings and want to use that to pay off some of the NE. After that and solicitor and EA fees I think we would still need a personal loan loan of approx €15k to clear the balance.
I am hoping to speak with the bank today to ask them to let that balance be drawn down as a personal loan in order to sell the apartment. Is that reasonable? We are planning to move back in with family for a year to clear the loan as much as possible and start again.
I earn €36k a year and partner earns €38 basic.
Has anyone successfully done this? I don't feel it's a huge amount to ask to pay off, we want to start again in a few years and save another deposit.