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Paying off mortgage - any deals to be done?

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  • 22-06-2015 3:49pm
    #1
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭


    I'm selling my house and wondering if, when the sale goes through (fingers crossed) do I just contact the bank and pay off the outstanding mortgage or can I bargain with them? I'm on a tracker and the o/s mortgage is in the region of 50k so not huge.


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    #2
    Aka Ishur
    Registered Users Posts: 740 ✭✭✭Aka Ishur


    You don't have a choice surely. The sale won't be able to complete unless the house is clear of the mortgage and they won't shift it to an unsecured loan either.


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    #3
    farrerg
    Registered Users Posts: 133 ✭✭farrerg


    Your solicitor will automatically repay the mortgage upon receipt of funds and you get the balance so you would need to have any deal agreed in advance. No deals to be done as far as I know


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    #4
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭Tranceypoo


    I was kind of thinking the solicitor would prob just pay it off when the funds came in, oh well worth asking! :)


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    #5
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    You only get a deal if you pay the mortgage off by itself.

    If you're paying it off via a sale, the bank will know full well that you can't sell it without their permission and that puts them in a very strong position. The only possible bargaining chip you might have is if the property is in good positive equity so that you "don't have to sell".
    If it's in negative equity or just about par with you trying to sell, it's not remotely in their interests to give you a "deal".


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