Hi Brendan,Unfortunately, your calculation seems to be correct to me. It seems that they have got their final loan offer wrong. Or else they are assuming that you are paying off your negative equity and that you have the €40k deposit.
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Buying the new house should not change your net worth.
Thanks Brendan, I didnt realise that. Can you switch your existing mortgage to a new home of the same amount or less without needing the 20% deposit?The CB rules do not apply to people in negative equity.
Brendan
Hi KCat,
Hubby & I hoping to start trade up process & will also be availing of NE tracker mover mortgage. Just wondering how did you manage the selling & buying 2 properties simultaneously. Did you put your house up for sale & hope a property would come up that you were interested in or did u find the property first & then put house up for sale....with the NE mortgages having to close together trying to work out the logistics!!
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