Small Negative Equity - Can I switch ?

R

Release me

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Hi all,
I'm new to the site and have just read that AIB are reducing there interest rate by 0.25%. I have been in negative equity since the crash, but now think there is a chance I may only be in small amount of negative equity (Approx 10,000e) if any at all. I will be getting the house valued to clarify.

I have been with PTSB for 11 years since taking out the mortgage and nothing would give me more pleasure that switching my mortgage & current account to a rival bank. Hopefully one with a better interest rate.

Balance - e223.000
My Estimate - e215 to 220,000
Current Rate 4.3%
No arrears
No missed payment
Both occupants in steady employment Gross Income (e80,000)
Term of mortgage 30 years

Your thoughts would be appreciated, if you think there is a chance of me switching banks before I speak to them.
 
Release me said:
Hi all,
I'm new to the site and have just read that AIB are reducing there interest rate by 0.25%. I have been in negative equity since the crash, but now think there is a chance I may only be in small amount of negative equity (Approx 10,000e) if any at all. I will be getting the house valued to clarify.

I have been with PTSB for 11 years since taking out the mortgage and nothing would give me more pleasure that switching my mortgage & current account to a rival bank. Hopefully one with a better interest rate.

Balance - e223.000
My Estimate - e215 to 220,000
Current Rate 4.3%
No arrears
No missed payment
Both occupants in steady employment Gross Income (e80,000)
Term of mortgage 30 years

Your thoughts would be appreciated, if you think there is a chance of me switching banks before I speak to them.
Click to expand...

Very similar to my situation. 11 years, PTSB, crash, 4.3% and so on.

Recent valuation on our house puts us at 95% following a NE mortgage last year. Happy to say we are out of NE but for the first time however cannot switch until we make it to 90%. We spoke with AIB, BOI and KBC and our mortgage needs to come down 15k to achieve 90% LTV but I'm hoping a further rise in property price combined with mortgage monthly repayments in the next year may put us in a position to switch.

BTW 11 years ago is around the time the tracker scandal was starting. Have you checked if you were affected based on your 4.3% today.
 
Hi Guys,
Thanks for you response. Looks like i may have to wait a year or so but in a better position than a few years ago.

Yes random, I had a solicitor in Dublin look into this. He was dealing with a lot of people regards to the Tracker mortgage scandal but unfortunately he could not see anything in my mortgage documents.

Good luck with your switch and if i hear anything regards to switching that my help, i'll keep you informed as we are in similar position.
 
In a similar situation too
PTSB negative equity 20k 12 years

Surely Govt can introduce some new law for switching in budget such as regular repayments and steady income means you can switch.

This LTV stuff is utter horse tripe
 
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