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Want to move to a bigger house.
Daveyboy80_2
Posts: 5 Forumite
Hello All,
I have my house up for sale but I doubt I will get enough for it to cover the remainder of the mortgage. I can imagine it will only be about £5000 short. My mortgage is with the Halifax.
My financial situation is much better than when i bought the house and therefore I would like to move a to a bigger house. If I can sell the house, I will buy a new one on a 75%/25% deal where by the house builders loan you 25% of the house value to use as a deposit. I don't need advice about this side of things.
However,Considering I will be in negative equity, do you think the mortage company will allow me to sell my house, port what i have left and add the difference on to the new mortgage? Complicated I know!! Or do you think they will say pay the difference of the negative equity before they can consider the further mortgage?
Does anyone have any experience of this type of situation or similar?
Kind Regards
Daveyboy80
I have my house up for sale but I doubt I will get enough for it to cover the remainder of the mortgage. I can imagine it will only be about £5000 short. My mortgage is with the Halifax.
My financial situation is much better than when i bought the house and therefore I would like to move a to a bigger house. If I can sell the house, I will buy a new one on a 75%/25% deal where by the house builders loan you 25% of the house value to use as a deposit. I don't need advice about this side of things.
However,Considering I will be in negative equity, do you think the mortage company will allow me to sell my house, port what i have left and add the difference on to the new mortgage? Complicated I know!! Or do you think they will say pay the difference of the negative equity before they can consider the further mortgage?
Does anyone have any experience of this type of situation or similar?
Kind Regards
Daveyboy80
:j Davey Boy
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Comments
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Daveyboy80 wrote: »Hello All,
I have my house up for sale but I doubt I will get enough for it to cover the remainder of the mortgage. I can imagine it will only be about £5000 short. My mortgage is with the Halifax.
My financial situation is much better than when i bought the house and therefore I would like to move a to a bigger house. If I can sell the house, I will buy a new one on a 75%/25% deal where by the house builders loan you 25% of the house value to use as a deposit. I don't need advice about this side of things.
However,Considering I will be in negative equity, do you think the mortage company will allow me to sell my house, port what i have left and add the difference on to the new mortgage? Complicated I know!! Or do you think they will say pay the difference of the negative equity before they can consider the further mortgage?
Does anyone have any experience of this type of situation or similar?
Kind Regards
Daveyboy80
Unless they have a Negative Equity scheme in place (I don't think they have), you will not be able to sell the house without paying off all the outstanding mortgage."You were only supposed to blow the bl**dy doors off!!"0 -
Since you're in a better financial position presumably this means you have savings, and can overpay your mortgage? However Halifax would need a certain LTV to allow you to port your mortgage and I'm not sure if they would allow you to use your existing one for a 75/25% deal.
I'd advise posting this on the Mortgages forum, and phoning up Halifax to ask about your options. Porting negative equity won't be one of them though as far as I know.0
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