Working mam
Registered User
- Messages
- 40
Well if I had a solution I wouldn't be asking the question! And no I don't want to live with it as I am stuck in an awful area where I can't let my children out to play.
And actually the bank would gain from allowing me a new mortgage to move as I would lose my tracker rate (yes I am that desperate to move) and would make more money from me in terms of interest on a higher rate and higher mortgage. As I stated, we qualify for the amount based on income and affordability but there is no product to allow us move the negative equity. The risk to the bank is exactly the same whether we lived in this house or moved.
You should never have bought in the awful area.
I bought in 2006, now the place is 60% devalued, its a nice area though, so its not the worst.
I don't think anything will happen to negative equity, it is as it is.
Persistence with the bank worked in our case but the NE was a lot lower. Therefore, I'm reluctant to advise persistence in your case.
Have you thought about talking with a good financial adviser re the possibilities?
I had thought some banks (BOI, AIB) were planning to provide negative equity mortgages.
Don't know if it's possible, but why don't you offer your house to NAMA who seem to be building a collection of assets for sale?
Thanks for pointing out the obvious, really helpful to what my post is actually about. It was as close to family and work at that time that we could afford and as I say it was a starter house which we hoped to sell within 3 years. I think my point about being able to transfer negative equity in cases where it is affordable to do so is getting lost.
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