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1. Co-owned neg equity effect on second mortgage?
Clueless99
Posts: 2 Newbie
I co-own a flat that I bought as an investment with a 5% deposit (we both paid 2.5%) on an interest only mortgage just before the market went t*ts...:(
I am now in negative equity (~87%) but the rent is about 1.5 of the current mortgage payments due to low interest rates.
I now want to buy another property with my girlfriend and want to know if this will effect how much money I can borrow and at what rate?
If this is going to have a negative effect, is it worth me writting off my previous investment and giving the other property to my business partner? Would this have any negative effect/risk on my business partner?
Grateful for some pointers...
I am now in negative equity (~87%) but the rent is about 1.5 of the current mortgage payments due to low interest rates.
I now want to buy another property with my girlfriend and want to know if this will effect how much money I can borrow and at what rate?
If this is going to have a negative effect, is it worth me writting off my previous investment and giving the other property to my business partner? Would this have any negative effect/risk on my business partner?
Grateful for some pointers...
0
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