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Negative Equity Options and new house

lee_d_m · 2011-01-14 20:52:40

Hi, Looking for advice on my pretty dire situation. I'm in about 20k of negative equity with a mortgage that has reverted to the SVR of 4.99%. We can easily meet the payments so that in itself is not a big deal. Next year, we'd like to move, and so have been saving for the last year or so, I expect we'll have around 25k…

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Thrugelmir Posts: 89,546 Forumite

14 January 2011 at 11:34PM

lee_d_m wrote: »

Ok, I appreciate your advice.

If you focus on repaying your existing mortgage for a while. Then you may find your objective becomes a realistic target.

Review your household budget, cut out every unnecessary spent pound and use it to bring down the mortgage.

Watching your mortgage balance reduce can become addictive.

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