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I want to sell house and pay off negative equity over remaining mortage term.

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  • 16-08-2011 2:09pm
    #1
    Some Help Please
    Banned (with Prison Access) Posts: 41 ✭


    I bought an investment property 7 years ago with a good friend of mine and paid interest only for 5 years. Stupidly instead of selling then we kept the property against our better judgment and are now crippled by repayments some 900euro above the rental income. There is 18 years left on the mortage with ACC.

    My prediciment is that I'm getting married next year and want to buy a house but have no chance of getting a mortage I fear with this apartment I half own. I have met with ACC and have asked them to consider us selling the property and taking on the negative equity (60-80k) over the remainder of the mortage term at similar rates. I have a number of questions about doing this:

    Can/Has this been done and if so how and with whom?

    Will such an agreement increase my chances of getting a mortage? Ultimately i would like to place my share of the negative equity with a future mortage.

    I have worked abroad for the past few years and have been able to secure a nice nest egg which I propose to use for purchasing a house. I should have more then the 10% deposit required but am reluctant to invest more then that the way the current market is. I don't want to tie up all my savings in a home with potentially further negative equity to come.

    Your observations/advice is most welcome.


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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    DO you need a mortgage for your new home? This is not as stupid as it sounds, but if your partner could get the mortgage in his/her sole name, then perhaps by combining with your savings, which you could gift to him/her, then there might be no need for you to get involved so to speak with the new house. By keeping it in your spouses sole name, your creditors could not put in any claim on it.

    talk to a tax advisor


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