I have a colleague in a fortunate position.
He has an outstanding mortage balance of 150k approx, it's a tracker mortgage of 1.5% over the ecb. No negative equity, good credit history and 15 years left on the mortgage.
He has recently come into approx 120k. He has a little more savings on top of this.
His question: What is the liklihood of his bank settling his mortgage now for less than the 150K owed? Would it be in their interest to get in say 130k cash now and end an unprofitable tracker?
Any opinions greatly appreciated!
Why not just pay off the 120K+ and have a remaining mortgage of 20/30K? Wouldn't that be good enough of a deal?
I would give it a go. NIB I assume, the problem is getting to talk to someone who has the authority to do so. If their staff morale is anything like what I encountered during my odyssey through UB's departments last week, they wont give a .. that you are actually trying to help them. They will be more interested in who gave you their name/number/email and how dare you disturb them. Only to give you another name/number/email to contact as the next port of call on your never ending journey from Dubin to Belfast like a pin pong ball.
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