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Tracker mortgage

  • 25-07-2015 9:59am
    #1
    Kevincavan83
    Registered Users Posts: 260 ✭✭


    Hi folks,

    This question has probably been asked before but here it goes anyway.
    we have a tracker mortgage on our house which is €130k in negative equity,
    Has anyone any idea are banks buying people out of tracker mortgages as we are looking to move back to dublin permanently as we are renting in Dublin now, and have our own house rented out for less than mortgage repayments.
    Any advice would be great!


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    The bank's are not offering any deals to buy out tracker mortgages. It is possible however to rent out your house and retain tracker and get a mortgage for a new property once you qualify and have a deposit of 20% or you can sell the house and transfer the negative equity and tracker part of the mortgage to the new property. Talk to your lender about your options.


  • #3
    Kevincavan83
    Registered Users Posts: 260 ✭✭Kevincavan83


    Trish56 wrote: »
    The bank's are not offering any deals to buy out tracker mortgages. It is possible however to rent out your house and retain tracker and get a mortgage for a new property once you qualify and have a deposit of 20% or you can sell the house and transfer the negative equity and tracker part of the mortgage to the new property. Talk to your lender about your options.

    Thanks Trish, yeah i'm doing that at the moment its just trying to save for the deposit,
    Which is gonna be hard unless i win €70k in the lotto ;)


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