moving with -ve equity

jt2k6

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

opinions4u

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.

Robert_Sterling_3

As Lionel Bart said "Fings Ain't Wot They Used To Be".