AIB and EBS launch product for those in negative equity seeking to trade up

AIB and subsidiary EBS have launched a negative equity trade-up mortgage that will allow customers in negative equity to trade up to a larger property and take their debt with them.

The companies said the product was being rolled out in response to customer demand. Increasingly, people find the properties they bought in the boom no longer meet their needs.

Owen Purcell, head of mortgages at EBS, said: “Many customers who bought their homes in the boom years are now in negative equity. A proportion of these customers find they are in a position where they require a bigger home and can afford to service a larger loan. The product we are launching today is designed to meet the needs of this group of customers, enabling them to sell their current home and purchase a new property that is more appropriate for their current needs.”