Three quarters of people do not believe negative equity mortgages will work

Three quarters of people do not believe negative equity mortgages will work

Over three quarters of people do not believe that new negative equity mortgages will work for the majority of people in Ireland.

The figure was revealed in the results of a survey on MyHome.ie’s Friday Feedback. Almost 300 people took part in the straw poll, which found that 76% do not believe the new mortgages – which will see negative equity debt being added onto a mortgage for a new property, freeing homeowners up to move – will work for most people.

Of those surveyed, two thirds (66%) said they were in negative equity while a further 4% said they didn’t know if they were or not.

People are very much on the fence when it comes to the new mortgages though with 46% saying they wouldn’t consider a negative equity mortgage and 45% saying they would. A further 9% said they did not know or were undecided.

Despite this uncertainty, 71% of people said they would prefer to move home than stay in their current accommodation.

Just 38% of people said they would be willing to give up their tracker mortgage in order to make the move though, with 62% saying they wouldn’t give up their tracker.

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