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.