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Negative equity question

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  • 06-01-2009 4:23pm
    #1
    steamjetjoe
    Closed Accounts Posts: 396 ✭✭


    Hi,

    I want to change my mortgage company but cant due to negative equity. Is there a way around this or would speaking to my bank manager face to face do me any good, ie If He/She deemed my job to be a secure one & reasonable pay.

    Thanks


Comments

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    #2
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    did the company who your changing the mortgage to make you an offer?

    talk to them.


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    #3
    Sleipnir
    Registered Users Posts: 5,514 ✭✭✭Sleipnir


    Well it's certainly worth a shot but really, the maths just doesn't add up finacially for the bank at the moment even if your job is secure etc.

    You want them to give you a pile of money, with a house that's worth less than the value of the loan as security on that loan. You could simply abandon the house and emigrate and they would be out of pocket.

    Plus, chances are the value of your house will continue to drop so the risk is even greater for them so why should they take on that risk? They probably have enough risk as it is!


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    #4
    kmick
    Registered Users Posts: 3,375 ✭✭✭kmick


    I assume your mortgage company is not a major bank?


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    #5
    steamjetjoe
    Closed Accounts Posts: 396 ✭✭steamjetjoe


    I see what your saying, It would be a waste of time. Im with ICS, they have passed on the rate cuts so far although it takes 2 months for the new rates to kick in. Its just frustrating knowing that they could stop giving rate cuts of even put the rates up & there is diddly squat I can do about it.:(


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    #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    No bank will give you a mortgage if the LTV is over 100%. It doesn't matter what you do or how much you earn, no bank will give a mortgage unless they're are happy with the LTV percentage. Thank God the days of 120% mortgages are well gone.

    My advice would be to (if you have a lump sum available) would be to lodge money to your mortgage in order to bring the LTV down to <100%. Otherwise you'll have to stick it out with ICS. In fairness to ICS, they have one of the better rates about.


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