Moving to a bigger house.

Daveyboy80_2

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

CPS

Daveyboy,
I am in Neg Equity and phoned my lender (Standard Life) and asked them my options and unfortunately advised me that the only way to do it is give them what I owe them. As I was about £20k in Neg Equity I decided just to pump my savings intot he mortgage instead and sit it out.

So, I woudl imagien you will have to settle the difference

Squish_21

If you currently 'own' 100% of a house not sure why you are going for only owning 75%.

You will most probably need the money to pay off the negative equity you are in. But best to check with your lender.

Robert_Sterling_3

Is it because he is going to a bigger, ( More expensive?) house.