Negative Equity Question.....Our first house

nearlynew

Joeskeppi wrote: »

nearlynew, what was the real reason you had to remove your signature? Brit's is far scarier.

I didn't like it because I felt it was alienating people and perhaps putting them off reading my posts.

I'm not back-peddaling or anything, I still stand by my prediction and will no doubt be reminded of it.

But I'll just go back to quoting it whenever I feel it's appropriate.

penguine

As Graham says, there are now mortgages available for those who are in NE and want to move house, and there are likely to be more of these kind of mortgages available in the future. Try not to worry too much, but it's a good idea to overpay if you possibly can to give yourself more options later on. You may think you can't cut down your expenses anymore but if you have a look around some of the other forums on here (old style, utilities etc) you may find there's some things you can do that are actually pretty painless and will save you a fair amount over time. Good luck!

chucky

PrincessJR wrote: »

We have since done a valuation online and it is coming up at a value of £135000!

an online valuation for my old flat came back at 50% less than it was actually sold for, they can be rubbish!!

as you say there are many, many things that these online valuations don't take into account specific to your property and local area.

PrincessJR wrote: »

We are so worried,,,,

no need to worry - worse things happen at sea!!!
in a years time many things could have changed.

Cannon_Fodder

Agree with the sentiments about online valuations being iffy.

However, by the time you re-mortgage it could be £24k of NE.

Get to the serious money saving forums on here.

Accept some cut backs in your expenditure. Plough the spare cash into clearing your debts. Then move on to overpaying/saving.

The sooner you start, even making small differences, the bigger the effect will be in a years time.

wolvoman

If you're able to clear a £5k cc card bill between now and January then you should be able to put more than £100 in overpayment a month into your mortgage after Jan, shouldn't you?

Anyway, that aside. It depends on the base IR rate in Nov when your current deal comes to an end. If interest rates stay low then your default SVR might actually be cheaper than what you're paying now.


In a nutshell, don't worry. You can't control house prices, so just focus on overpaying that mortgage.

Thrugelmir

Really2 wrote: »

Go on the mortgage board
http://forums.moneysavingexpert.com/forumdisplay.html?f=15

Some of the people on here are quiet nasty on things like this.

The people on the mortgage board will give you the best advice to be honest.

Speak for yourself...... :rolleyes:

The majority of us are sensible nice people. :j

PrincessJr as others have said, just concentrate on paying down your debts and your mortgage. Matters will resolve themselves in the future.

ciano125

http://www.drcalculator.com/mortgage/uk/

Use that website to put your figures in and play about with over payments. That's the only thing you can do to get yourself into the best possible position.

One option might be to transfer the amount you have on the 0% card onto another one in January (I think there is one that does 16 months 0%) so you could pay a bit more onto the mortgage. You'll be surprised over time how much even £100 per month extra can make.