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!
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!