moving with -ve equity
jt2k6
Posts: 144 Forumite
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
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
0
Comments
-
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.0 -
As Lionel Bart said "Fings Ain't Wot They Used To Be"................................I have put my clock back....... Kcolc ym0
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