switch mortgage providers?

R

rupert7

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I have a €300,000 mortgage on an apartment worth €130,000 with €50,000 capital paid off so NE of around €120,000.
I'm with AIB at present.
myself and the wife are in good jobs. She is a consultant doctor.
Is it even possible to change mortgage providers when you are in negative equity?
Is there still savings to be made after legal fees etc?
 
Additional to that you will only move to SVR rates which are in the region of 4.5%/4.35% so not sure it would be worth moving !
 
Just pay it down as quickly as you can. If you show to a bank you have been over paying for more then 6 months and have some other collateral. Maybe even a guarantor willing to help with their property you may have a chance. Good luck.
 
with that type of negative equity, you may need to consider fixing it for a 2 year period to avail of a lower rate, but when you fix it also reduce to term. Ultimately you need to clear down the mortgage or at least get it to a level that would make it attractive for a bank to be willing to offer you a negative mortgage move (bring your negative equity with you)

You really need to have a decent LTV rate to make any switching providers worthwhile !
 
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