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Move Mortgage to another bank?

tendjose · 2016-05-09 21:15:32

Hi, If you are on negative equity will you be allowed to move your mortgage to another bank? Thanks

09-05-2016 10:15pm

#1

tendjose

Registered Users Posts: 295 ✭✭

Join Date: July 2014

Posts: 197

Hi,

If you are on negative equity will you be allowed to move your mortgage to another bank?

Thanks

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Comments

#2 10-05-2016 8:29am

phormium

Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭

Join Date: February 2008

Posts: 3310

No. It's not really just moving a mortgage, you will be applying to a lender for a brand new mortgage on their terms and conditions and as you are in negative equity then you would need to borrow more than 100% of the house value and no lender is going to take you on in that situation.

Most switcher mortgage options would be limited to needing less than 80% of the house value as the mortgage.

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