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Mortgage Legislation - Moving Negative Equity To A New Mortgage/House?

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  • 11-08-2010 12:07pm
    #1
    Dr Pepper
    Registered Users Posts: 841 ✭✭✭


    Hi,

    I heard something about this recently - Some proposed new legislation to allow home-owners to move house and bring their negative equity with them to the next house.

    Can anybody give me some more information on this matter please?
    Is this facility already in place, on the way or is it just an idea floating about?

    Thanks,
    Brian
    Tagged:


Comments

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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Just an idea floating about.

    A number of major lenders were said to be preparing to offer this kind of loan facility. However, it would need to be approved by the regulator and since many people would be looking for 130%+ mortgages, I doubt that will be allowed, at least not without some very strict rules.


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    #3
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    The last I heard the Financial Regulator had advised against the idea.

    I would very much doubt it will go ahead.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Ulster Bank and EBS have been offering negative equity mortgages in limited circumstances since last April. Other lenders (notably PTSB and BOI) were preparing products in this category, but got nuked by the regulator. As far as I know Ulster Bank will still discuss this product, though they are not openly advertising it. Note: this is only for pre-existing customers.

    S.


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    #5
    Dr Pepper
    Registered Users Posts: 841 ✭✭✭Dr Pepper


    smccarrick wrote: »
    Ulster Bank and EBS have been offering negative equity mortgages in limited circumstances since last April. Other lenders (notably PTSB and BOI) were preparing products in this category, but got nuked by the regulator. As far as I know Ulster Bank will still discuss this product, though they are not openly advertising it. Note: this is only for pre-existing customers.

    S.

    Thanks. I'm with EBS so I'll ask them about it when the time comes.


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