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PERMANENT TSB HAS announced a new mortgage deal for those in negative equity which will allow them to trade up or down from their current homes.
The initiative will also enable customers with tracker interest rate mortgages to move home without losing the much-coveted product. However, they will have to pay a small premium.
According to the lender, many homeowners are excluded from the market because they do not want to relinquish a tracker interest rate mortgage. Until now, anyone wanting to sell their house to buy a new one, had to take up an entirely new mortgage at market rates.
Those in negative equity are also excluded because they cannot finance the negative equity part of their mortgage to buy a new family home.
Under the plan, mortgage holders can sell their existing home and buy a new house by transferring the negative equity on the former property to their new home.
Limits will apply to the amount that customers who are in negative equity may borrow in the event of trading down or trading up (175% and 125% respectively of the value of their new family home).
Permanent TSB said that customers can start making inquiries about its new products, which have been described as ‘breakthroughs’, from early May.
For those with tracker mortgages, the new tracker interest rate (the old one plus 1 per cent) will continue for the full term outstanding on their current tracker mortgage.
If the first mortgage amount does not cover the full purchase price of the new property, new mortgage business rates will apply to any additional borrowings.
CEO Jeremy Masding claimed the initiative reflects PTSB’s “determination to find solutions that can help the market function better and that are fair to both customer and bank”.
While other banks have similar deals in place, PTSB says its one is the first that covers the whole mortgage term.
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They are going to miss the Ireland game.
By jeepers I won’t be missing the Ireland game even though I experienced the power going off in Lusaka last night. The hotel has a generator thankfully. Come on Ireland!
No. 20 up there isn’t very good at football by the looks of things.
@Niall ah Now he’s about to back heel it!
Is there anything to be said for having another mass.
Ah the old Father Ted reference. You’re very original and gas fun altogether.
You’re great crack altogether Gerard.
So original & fresh, Shaun. Nobody saw that one coming. Imagine being really predictable…
the old ostrich manoeuvre
I’d say shutting the entire economy down for 24 hours to talk to the tooth fairy will definitely work …. Why didn’t we try that back in 09 !!
Judging by some of the results we may as well have done that.
Is there anything to be said for saying another mass ted
Bring Obama over to say ‘Yes we can’ and that will sort the whole thing out.
They should get coddler whatshisface involved, he can sort this with a few strokes on the keyboard.
Still in bed I reckon, he’ll be along later with crtl c and v though!
Still in bed stroking his keyboard
It’ll be pretty straightforward:
FIAT currency
Stroke of a keyboard
Macro economic level
Neo liberal jackboot
You forgot “class warfare”.
Have they hired the guy on here that copies and pastes the essay how we can print unlimited money as chef economic advisor?
And when all else fails… Prayer
Someone should call Coddler for the solution., Surely they can just give everyone more money?
A nation holds its breath, they’re fu(ked.
The Flying Spaghetti Monster will sort out all their problems. He really exists. Really and twuly.
Silly buggers!
Should this idiot be running their country? Well it’s not like we can talk!
Wally will be along to tell us if you print more money all your problems go away :D
Ahh No…Not more economic migrants on their way to Europe!
Sure, all they have to do is introduce the universal social charge, it’ll be grand then.
Great follow through with the strike by that soccer player. Pity he never kicked the ball though
Back in the 1980′s I spent some time in Zambia, it’s a beautiful country with a stable, democratic political system & it’s people are very kind, generous & well educated.
It’s an African country that we should be supporting & encouraging as it has enormous potential. I hope that their economy & currency recovers and that they enjoy better times in the future.
funny and frightening that they think this will solve their problems! !!
You couldn’t ask them to pray for Ireland against the Argies if they’ve time?
You can’t beat a bit of divine intervention on a Sunday morning! #coybig
That is going to fix everything..clearly a sound economic recovery plan!!! Wow another idiotic government lol
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