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Moving Mortgage after Negative Equity threshold crossed?

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  • 27-02-2014 12:21pm
    #1
    veryangryman
    Registered Users Posts: 5,574 ✭✭✭


    Got a Mortgage with AIB some years back and as per the trend, it got stuck in netagive equity. Been chipping away at it and the current balance is roughly what the house is worth. The rate (including tracker) is 1.85%.

    As a lover of not paying for nothing, I've since left AIB and moved all my accounts bar the Mortgage to PTSB. I wonder if there is any point suggesting moving it to them. Would they take it/try to improve the rate offerered etc.

    Apologies if these are stupid questions; i've never done such a thing before. My gut instinct is no (as the rate is already pretty low) but whats your own experience folks?


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Why would a bank offer you a lower rate on a loss making product. You do realise that AIB are losing money on your tracker right ?

    You also realise that trackers no longer are offered by any bank ?

    you know what they say go with your gut as its absolutly right here !!!!!


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    veryangryman wrote: »
    Got a Mortgage with AIB some years back and as per the trend, it got stuck in netagive equity. Been chipping away at it and the current balance is roughly what the house is worth. The rate (including tracker) is 1.85%.

    As a lover of not paying for nothing, I've since left AIB and moved all my accounts bar the Mortgage to PTSB. I wonder if there is any point suggesting moving it to them. Would they take it/try to improve the rate offerered etc.

    Apologies if these are stupid questions; i've never done such a thing before. My gut instinct is no (as the rate is already pretty low) but whats your own experience folks?

    They wont lower it further, you are on a very low rate as is with bank losing on these rates.

    They also know you cannot get a lower rate else where. If you were to move lender (if you could get one to lend you the value of your home which is unlikely, would need to have lower LTV ratio) you would have to go on a rate at least 3% higher than what you are at as no one offers trackers anymore. No one in their right mind would do this.


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