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Will I be able to move house?
sarah_1978
Posts: 6 Forumite
Hiya
I'd be grateful for any advice that you're able to offer me.
In October 2007 I bought a 2 bedroom house and got a 100% mortgage with Northern Rock. I also borrowed an extra £15,000 from them on top of this to pay off some debts, so therefore I am in negative equity.
The thing is, I would now like to move to a smaller property and reduce the size of my mortgage if possible.
Does anybody know if I would be able to do this by simply transferring my existing mortgage to another property, or if it means that I would have to get a whole new mortgage, which I guess is impossible because nobody is lending more than properties are worth anymore....
Thanks
Sarah
I'd be grateful for any advice that you're able to offer me.
In October 2007 I bought a 2 bedroom house and got a 100% mortgage with Northern Rock. I also borrowed an extra £15,000 from them on top of this to pay off some debts, so therefore I am in negative equity.
The thing is, I would now like to move to a smaller property and reduce the size of my mortgage if possible.
Does anybody know if I would be able to do this by simply transferring my existing mortgage to another property, or if it means that I would have to get a whole new mortgage, which I guess is impossible because nobody is lending more than properties are worth anymore....
Thanks
Sarah
0
Comments
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If you were trading up you may have been able to transfer your mortgage. If your trading down it will probably mean a new morgage.0
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Almost no chance.poppy100
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