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Mortgage question

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  • 08-02-2013 8:14pm
    #1
    CorkBabe33
    Registered Users Posts: 55 ✭✭


    Hi.  I bought an apt in the height of the boom and I know I am in negative equity just like everyone else.  I have had an offer to purchase the apt.  Going by the most recent mortgage statement what I would get for the apt is roughly €50K short of what is left to repay on the mortgage.  But, with the current property prices I am unlikely to get a better offer ...
    I have a variable rate mortgage and if I pay off the bulk of it with the sale proceeds, what happens with regards the remaining €50K?  I know I would have to continue to pay that off but how would that work as the apt the mortgage relates to would then belong to someone else (and they would have their own mortgage for it)?


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    #2
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi CorkBabe33,

    Thanks for posting.

    There are a couple of options available but you would need to discuss them with a Mortgage Advisor in your local branch.

    You can find a full list of branch contact details here

    Thanks

    Billy


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