Mortgage query

Dane29

Hi there,
I would really appreciate your opinion on my situation. I had an offer on my 3 bed end of terrace. The offer did not cover the mortgage I still owe. What I wanted to do is accept the offer and buy a 4 bed semi in same estate that was not completely finished. The semi was quiet cheap so approx 10k would complete it. I intended to add on the outstanding balance of mortgage to price of new house. At the end of he day I would end up with a bigger better value house and with same mortgage. However the bank tell me they have not dealt with this situation before and have "no product to suit me". Does anyone have any experience of this or can advise me at all?

Much appreciated!
D

chris85

Dane29 wrote: »

Hi there,
I would really appreciate your opinion on my situation. I had an offer on my 3 bed end of terrace. The offer did not cover the mortgage I still owe. What I wanted to do is accept the offer and buy a 4 bed semi in same estate that was not completely finished. The semi was quiet cheap so approx 10k would complete it. I intended to add on the outstanding balance of mortgage to price of new house. At the end of he day I would end up with a bigger better value house and with same mortgage. However the bank tell me they have not dealt with this situation before and have "no product to suit me". Does anyone have any experience of this or can advise me at all?

Much appreciated!
D

Some banks are doing this. BOI recently announced trade up mortgage for people in negative equity were you carry the equity to the new mortgage. How much is the house valued at and how much is the negative equity.

pmason

Hi Chris,
I thought I heard of banks doing something alright. im with AIB and they dont seem to be doing it. The house is valued at 105k and balance is 50k