20 Jun, 2019

Can I Switch my Mortgage if I’m in Negative Equity?

Unfortunately it is not possible to Switch when in negative equity, unless you have savings to reduce mortgage balance of a gift from relatives. Negative equity occurs when the property market and house values drop so as property prices rise it is possible the Loan to Value ratio narrows and people’s homes will start to become higher in value than the loan they owe, opening up remortgaging opportunities in due course. Likewise as the loan is repaid over time and the amount of loan owed reduces then depending on fluctuations in the value of the person’s home it may be more likely that the loan to value ratio will reduce.

Related Posts
21 Jun, 2019

Misconceptions about mortgage switching

Misconceptions about mortgage switching The Central Bank of Ireland carried out Mortgage Switching Research and published a report in 2017 which highlighted findings with regard to people’s perception of and experience with regard to mortgage... [...]
7 Feb, 2020

It’s a doddl – How to reduce your mortgage term by 10 years

Switching your mortgage could allow you to finish your mortgage 10 years earlier and save tens of thousands on interest repayments Mortgage Switching is associated with reducing interest rates and as a result reducing mortgage repayments However, a... [...]
21 Jun, 2019

Benefits of using a Broker to switch your mortgage and unlock savings

In Ireland the majority of people still take their first mortgage directly via a bank and in most cases via their own bank In the UK this is the converse, most people take their mortgage via a broker So why is the Irish market so different I believe... [...]