Negative equity

neas

did you buy the current property with a deposit , if you bought it a while ago you may have equity chin up.

johncolescarr

I am also in negative equity and we are scrimping and saving to overpay all we can, we hope to be able to move in about 1-2 years.

It helps to work out how much your shortfall is and how long it will take to save/get the difference. To make you feel better, you could make an allowance for price increase, I used 2% a year, but who knows what it will be, if anything.

I have also read that some mortgage lenders will let you "port" your mortgage (and the negative equity) to another property, ask your lender if this is possible.

Its depressing, but you may need to stick in your current house until the house price increases enough and/or there are some more favourable mortgage deals.

If its any conciliation, the whole market has been depressed (not equally I know, but individual regions have fared pretty consistently) so the additional cost of your new home relative to your old one is unlikely to be different than if there was not a housing downturn