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Do I borrow more to release equity in case I can't sell?
simpywimpy
Posts: 2,386 Forumite
I bought a house only 18 months ago and now want to sell.
Paid 72,500 and owe approx 65,000
Should be worth 80-85 but would struggle in this market.
One of those cash buying firms offered me 65k tops.
My worry is that it won't sell and I will not get back the money I put in.
I was thinking of asking to increase my borrowing by 15k and if I can't sell, just letting them reposess it. Im up to date with the payment and havent missed so they might let me..
Paid 72,500 and owe approx 65,000
Should be worth 80-85 but would struggle in this market.
One of those cash buying firms offered me 65k tops.
My worry is that it won't sell and I will not get back the money I put in.
I was thinking of asking to increase my borrowing by 15k and if I can't sell, just letting them reposess it. Im up to date with the payment and havent missed so they might let me..
0
Comments
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you are joking? have you not heard of shortfall? cost me 50kIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
actually I haven't, what is it?0
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How can borrowing anymore solve your problem?Cover me in honey and fling me to the hermaphrodites!0
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i just thought it might ensure I got my equity b0
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i just thought it might ensure I got my equity back ie saving I put in in the first place0
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.......And they chase you for years.0
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and years and years..11 in my caseIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
simpywimpy wrote: »Paid 72,500 and owe approx 65,000
Should be worth 80-85 but would struggle in this market.
I'd wager that a valuation for mortgage purposes would be the lower end of that, if not less. Clearly if it's not selling then it's not worth that much.I was thinking of asking to increase my borrowing by 15k
Not going to happen - £65,000 + £15,000 = £80,000 = more than, or best case the same, as the property value. Not possible in today's mortgage market and a bad idea even if it was...and if I can't sell, just letting them reposess it. Im up to date with the payment and havent missed so they might let me..
Hardly a responsible attitude. In any case you don't 'let' a mortgage company reposses it - you seem to think it's a really casual, throwaway thing to do , like "oh go on, reposses it guy!"0 -
If you wanted to sell you should have taken the 65k, in reality you say you bought for 72k 18 months ago, your house is now worth less than 60k for sure, borrowing more now is insanity plus you'd be asking for a 110% mortgage on the price you originally paid which as I have said will have fallen.
Luckily for you the bank won't lend you the money, saving you from yourself.0 -
Are people really this stupid?0
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