Negative equity

John4702

Hi,

Just an out there question.

If i have negative equity and want to move, would the mortgage company allow me to sell and pay back the negative equity with some kind of loan.

I would look to rent after i sell.

I am currently with Northan Rock.

Many thanks.

happybroker

so long as they are repaid I don't see that they would care where the money came from.

John4702

But how would i repay them? I could not afford 20K in one lump some for instance would need to be over X years...

happybroker

sorry I thought you were going to get a loan and then use that to make up the shortfall after the house was sold.

I doubt they would to be honest no but certainly worth asking. If your credit is fine then you may be able to get a personal loan depending how much the shortfall is. The alternative would be to sit tight and wait for house prices to rise again.

John4702

Do we think they will? I was looking at graphs and i remortgaged right at the peak, historical info shows it may take 8 years to get that high again

hostie1985

John,

Not sure if i have the answer for you question but i know that Nationwide has just come up with a 125% mortage for existing homeowners, homeowners that want to move.

Hostie

unite79

Its Existing customers that want to move i think!