What to do?

the GALL

A Bit p1ssed of with the situation with in. We're living in the S.E for the last 6 year and now with the way things are gone it's time to move on. We had an estate agent around to value the house and he put it 30,000 below what we owe on the mortgage :eek: can't say Im happy with this but you play the hand your dealt. All the figures we have say move. I'm just wondering has anyone experience with taking a mortgage with them.
Cheers

D3PO

the GALL wrote: »

A We had an estate agent around to value the house and he put it 30,000 below what we owe on the mortgage :eek: can't say Im happy with this

This is the kind of stupid thought process thats still out there. You hosue is worth what somebody is willing to pay FFS.

Who gives a crap what you paid for it. If the EA says its worth X its probably worth x - 15% anyway. Get used to it becasue in 6 months its probably worth x - 20% and so on.

Grolschevik

D3PO wrote: »

This is the kind of stupid thought process thats still out there. You hosue is worth what somebody is willing to pay FFS.

Who gives a crap what you paid for it. If the EA says its worth X its probably worth x - 15% anyway. Get used to it becasue in 6 months its probably worth x - 20% and so on.

FFS, read his post before jumping down his throat. The guy isn't on to complain that the EA undervalued his house, and he explicitly said "you play the hand you're dealt".

What he was asking was about people's experiences of carrying the outstanding balance of the mortgage to, presumably, the next property.

Theboinkmaster

the GALL wrote: »

A Bit p1ssed of with the situation with in. We're living in the S.E for the last 6 year and now with the way things are gone it's time to move on. We had an estate agent around to value the house and he put it 30,000 below what we owe on the mortgage :eek: can't say Im happy with this but you play the hand your dealt. All the figures we have say move. I'm just wondering has anyone experience with taking a mortgage with them.
Cheers

If you can only sell the house for less than your mortgage then i don't think you can sell you're house. You'll just have to stay put until you can pay down your mortgage or house magically increases in value (which is unlikely to happen any time soon). I think most people in your sitation are simply renting new accomodation to live in and renting out their old accomodation. But this in itself can have adverse affects as most T&Cs of mortgages says property must be principle private resideance so could lose tracker rate if bank ever found out. Or interest relief from Revenue maybe.

the GALL

Hey D3PO
Im not looking for sympathy of a hug, I ask had anyone experience in taking a mortgage or debt with them.
Having read your post again, you have posted nothing of relevance to the thread, so if you are to post again try and stick to the topic or FO. Boinkmaster cheers, are you in the industry or any experience?

Mr. Loverman

You cannot sell your house unless you have cash to pay off the remaining mortgage.

Also, no bank will give up the security of a secured loan for an unsecured loan.

Squirm

Both myself and my brother recently sold our homes for less than the value of our mortgage. The sale was not an issue but we had to pay the outstanding figure on the mortgage before the banks would release the deeds to the new owners (i.e. proceed with the sale). So while it is possible to sell while in negative equity, it does not seem to be currently possible to bring a mortgage or part thereof with you. Now, in saying that, we had nothing of value to use as collateral against the outstanding amount of money, perhaps if you did it would be a different story. Best of luck.

Newaglish

Squirm wrote: »

Both myself and my brother recently sold our homes for less than the value of our mortgage. The sale was not an issue but we had to pay the outstanding figure on the mortgage before the banks would release the deeds to the new owners (i.e. proceed with the sale). So while it is possible to sell while in negative equity, it does not seem to be currently possible to bring a mortgage or part thereof with you. Now, in saying that, we had nothing of value to use as collateral against the outstanding amount of money, perhaps if you did it would be a different story. Best of luck.

You're not exactly selling your house for less than the value of the mortgage in the above scenario, you're just paying off a chunk of the mortagage until it's the same as the value of your house.

dearg lady

There was athread recently where a guy was able to sell his house and convert the remainder of the mortgage into a personal loan. I can't seem to find it tho. But anyway, your bank may be open to the idea, I suppose the only way to know is to set up a meeting and see what options, if any, you have.
Best of luck!

Grolschevik

dearg lady wrote: »

There was athread recently where a guy was able to sell his house and convert the remainder of the mortgage into a personal loan. I can't seem to find it tho. But anyway, your bank may be open to the idea, I suppose the only way to know is to set up a meeting and see what options, if any, you have.
Best of luck!

Is this the one you were thinking of?

http://www.boards.ie/vbulletin/showthread.php?t=2056261109

dearg lady

Grolschevik wrote: »

Is this the one you were thinking of?

http://www.boards.ie/vbulletin/showthread.php?t=2056261109

thats the one.
I'm glad to see some banks are tryin to find solutions for people.

the GALL

interesting read Grolschevik cheers for that