Northan Rock End of fixed negative equality

joey298487

five years ago we bought a flat for 96k since then we added some loans on and we now owe 103k on our mortage.

our house is worth about the same as what we bought it for .

we are comming to end the end of our fixed term.

i think i am stuck but i would be greatfull on advice on a couple of things

1) would we be able to move lenders if we are in negative equality
2) How would or could we go about moving. we have a two bed flat and want to have more kids/move it to a house?

any advice would great

nomoneytoday

Do you have any savings?

beecher2

If you want to move, you need to pay off a chunk of your mortgage. You'd need to pay off the 7k or so of negative equity, plus have enough for at least a 10% deposit on your new place, plus enough for fees. No chance of a new lender while your Loan to Value is above 100% - needs to be below 90%

joey298487

thanks that about i thought as much