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Negative Equity

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  • 09-10-2010 1:41pm
    #1
    Kidchameleon
    Closed Accounts Posts: 5,482 ✭✭✭


    Hi All,

    I'm sure there are threads about negative equity here, sorry! I just got an offer of 110k after two years waiting for an offer, that would leave me with 31k negative equity. The bank has told me I cant get a top up or anything with an offer like that so it looks like I cant sell for now :( Do you guys think the banks will ever offer a negative equity mortgage and if so when can we expect such a product? Id much rather have negative equity in a house I want to live in. I bought miles away from my family with the plan of moving after two years or so, I'm now stuck here for the last 5 years! My mistake I know but I'm just so depressed here its unbelievable...

    Thanks,

    Kid.


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    #2
    Tea drinker
    Registered Users Posts: 2,817 ✭✭✭Tea drinker


    Hi Kid,
    don't know how much renting would have cost you for the past 5 years, or if you had any tenants with you in the house, subtract that from your total it will take some of the pain. 31k is less than 3 years rent in most places.

    What can you do to alleviate your current situation? Can't help with that.


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    #3
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    Kid, in my opinion your mental health is by far the most important consideration here. Everything else is just bloody bricks and money. Screw it. Make a decision based on what will relieve your stress, that's all that matters. If moving closer to home would do that, you need to make it happen.

    If you rented out your house, how much would it be short of paying the mortgage?


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    #4
    3DataModem
    Registered Users Posts: 3,994 ✭✭✭3DataModem


    Treehouse72 wrote: »
    Kid, in my opinion your mental health is by far the most important consideration here. Everything else is just bloody bricks and money. Screw it. Make a decision based on what will relieve your stress, that's all that matters. If moving closer to home would do that, you need to make it happen.

    Excellent advise. Read and re-read everyone.


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    #5
    Kidchameleon
    Closed Accounts Posts: 5,482 ✭✭✭Kidchameleon


    Thanks for the replys people. Im talking this over with my mam at the moment. Trying to decide my next move... Its just so hard when your single and on very average wages. I know there are people out there worse off than me and I should be thankful, I just feel so hopeless. Im paying for a 1 bed apt miles away from my family that costs 50k more than a 3 bed house next door to them :(


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    #6
    safesecure.ie
    Registered Users Posts: 29 ✭safesecure.ie


    Hi Kid,

    Was in the exact same situation as you - bought a house miles away from Friends and Family and regretted it from the Day I moved in - was only 20 at the time and felt very isolated - spent most weekends living back with my parents.

    Moved back to my hometown 18 months ago, I have to make up the difference between the mortgage and the rent, but its worth every cent. Treehouse gave excellent advise earlier - best of luck!


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    #7
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    It's a lousy situation to be in, I'm in similiar myself. I'm also planning to rent out my place and rent where I want to be living. I'll have to make up a shortfall but my quality of life will be much better.
    Also consider you may make savings elsewhere, for example for myself, when I move I won't have to take a taxi home anymore, saving myself a sizable sum each month!

    Another thing to consider, if you would prefer to cut your losses and go with 31k loss, could someone go guarantor for this loan, maybe your parents if they have equity in their house? Not sure if the bank would allow this, just a suggection.


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