moving with -ve equity

Hi all,

long story short, brought house for 100K with 100% northern rock mortgage, now thanks to "credit crunch / economic downturn" or whatever its called today my house is worth 85Kish. since we brought we have had a kid, and 1 on its way and could do with something a bit bigger,

where do I stand? we currently pay £650 a mth and tbh have a poor credit rating (1 satisfied CCJ)


help as always appreciated

Thanks

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    If you're looking to buy you need:

    1) £15k to buy out negative equity
    2) 10% deposit for the new place
    3) Fees for selling and buying
    4) A generous lender in view of your credit rating

    You're either staying put or accepting voluntary repossession (usually a bad idea in the extreme) and renting.
  • As Lionel Bart said "Fings Ain't Wot They Used To Be".
    ...............................I have put my clock back....... Kcolc ym
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