Mortgage News Roundup: AIB trackers, moving negative equity and New Beginnings in Cork

Our Roundup of Today's Mortgage News: AIB to allow homeowners to move their tracker mortgages, BusinessETC ask if this is a good deal, and a new service to help distressed debtors opens a second office in Cork.

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Thousands to take up AIB’s movable tracker mortgage

Mortgage+agreementThe Independent and every other news outlet are reporting on AIB’s announcement that they are allowing homeowners to move their tracker mortgages to a new property, with only a small 1% rate addition for the privilege.

If the Independent are right, thousands will take up this deal.

We discuss this further here: AIB cut a deal on moving your tracker mortgages.


 

Sell your house, bring the negative equity with you – is the new AIB mortgage plan a good one?

BusinessETC ask the question, is this a good move? Personal finance expert Bob Quinn of themoneyadvisors.ie provides the commentary:

A lot of people in their mid-30s, they’re already on the property ladder and are moving into the family home arena, but found themselves stuck with the properties they bought in the boom. This will give them a chance to offload the bachelor or bachelorette pad, while bringing the negative equity with you.


New Beginning open in Cork

New Beginning - Now open in Cork
New Beginning – Now open in Cork

The Irish Examiner presents us with the announcement that the New Beginning advocacy group have opened in Cork. The group are working with mortgage holders struggling with debt. They have had great success in Dublin and now the team, which includes former AIB and PTSB bankers (Poachers turned gamekeepers?), are expanding to meet demand in Munster. They are expecting 10 to 15 new clients a week. The article is worth a good read and you can also check out NewBeginning.ie


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