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Mortgage writeoff (certain percentage)

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  • 16-04-2014 11:54am
    #1
    Morrisseeee
    Registered Users Posts: 5,146 ✭✭✭


    Scenario:
    Joe Bloggs has €150k left to pay on his tracker mortgage

    He'd like to move to a bigger house

    He puts up his house for sale

    He gets a cash offer of €120k

    He goes into Bank and asks if they'd take the €120k and writeoff the remaining (as it's a tracker and trackers are loosing them money in the long term, and especially as the rate is supposed to fall again soon) ?!


    /Do ye thing they'd take up his offer ??


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    #2
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    Are they losing €30k on his tracker at present? Seems high.


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    #3
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Morrisseeee wrote: »
    /Do ye thing they'd take up his offer ??
    If he has been paying his mortgage without issue and there's no obvious reason for that to change then the answer is a definite "no".

    Banks aren't doing deals with mortgages that are performing. They hope that ECB rates will eventually rise enough for them to become profitable again.

    It's the mortgages in arrears that get offered deals!


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