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Transfer of Equity on a mortgage and the bank changing their security

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  • 22-07-2011 11:37am
    #1
    dragonbet
    Registered Users Posts: 66 ✭✭


    Ok, so I own a property that is in negative equity about 128% loan to value. The rental is about 60% of the monthly mortgage repayments. I have a bidder on my property and have the opportunity to buy another property that is a city centre performing asset.

    What I want to know is has anyone seen any bank change the security from one property to another that would have a better chance of performing. I would have to carry the negative equity with me but the new property would bring the bank back to approximately 90-100% loan to value and the rental yield would be three times the current rental yield and would be surplus to the mortgage repayments.

    I can get the bridging finance from a family member to facilitate the transaction.

    Any thoughts?


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