Moving Home - Zoopla Hurts!

brit1234

GDB2222 wrote: »

Brit, is that good news for the OP if she wants to trade up?

Its mixed news. Normally when prices fall the gap between the rungs on the ladder get smaller. So technically even though your property has dropped value so has the property you want to buy so works out cheaper compared to a rising market where the gap between rungs get bigger.

However the original poster needs equity or extra money to take advantage of this which I don't think she has sadly.

GDB2222

Well, if prices drop for a few years, she'll have time to pay off her neg equity then pick up a good buy later on.

brit1234

Yeap she should take advantage of the low interest rates and pay as much as possible before remortgaging. Also over paying will help with the remortgaging by reducing the effects of equity withdrawal.

HJS86

Thanks everyone for your on going responses.

I called Nationwide today and have booked in to see their mortgage advisor at our local branch on August 9th to talk about our options.

They advsied me over the phone that they do allow clients to take over negative equity onto their next property up to 25k. We hopefully would only need to take over £10k.

So in people's opinion, can you offer some advice regarding what we do in the mean time?

Would it be best to stay put and instead of putting £400 a month into our savings account to accumulate a larger deposit, send this straight to Nationwide to over pay and therefore reduce the mortgage and therefore the neg equity?

or

Sell for £60-65k and take £10-15k of neg equity over into our next property now as its such a good buyers market right now that the £10-15k will become irrelevant in a few years time?

Will let you know what the mortgage company advises.

neverdespairgirl

HJS86 wrote: »

Anyone know if its possible to buy a property whilst having negative equity nowadays or is it a def no?

Yes, but you'd need savings to cover the negative equity when you sell and also the deposit on the new buy.

HJS86

neverdespairgirl wrote: »

Yes, but you'd need savings to cover the negative equity when you sell and also the deposit on the new buy.

Hi there

Nationwide have advised that we would be able to take the 10k over with us and add it onto our next mortgage rather than paying it off.

Thanks

HJS86

HJS86 wrote: »

Thanks everyone for your on going responses.

I called Nationwide today and have booked in to see their mortgage advisor at our local branch on August 9th to talk about our options.

They advsied me over the phone that they do allow clients to take over negative equity onto their next property up to 25k. We hopefully would only need to take over £10k.

So in people's opinion, can you offer some advice regarding what we do in the mean time?

Would it be best to stay put and instead of putting £400 a month into our savings account to accumulate a larger deposit, send this straight to Nationwide to over pay and therefore reduce the mortgage and therefore the neg equity?

or

Sell for £60-65k and take £10-15k of neg equity over into our next property now as its such a good buyers market right now that the £10-15k will become irrelevant in a few years time?

Will let you know what the mortgage company advises.

Hi can anyone advise please?

cassidy0111

Just read your thread. Thought I would give it a BUMP to see if anyone could answer your question. Best of luck with it all- you made the RIGHT decision at the time of purchase. Crystal balls do not come with a mortgage.

HJS86

cassidy0111 wrote: »

Just read your thread. Thought I would give it a BUMP to see if anyone could answer your question. Best of luck with it all- you made the RIGHT decision at the time of purchase. Crystal balls do not come with a mortgage.

Thanks so much Cassidy )

I would just like to know whether it would be more beneficial to have a larger deposit, or put this monthly money were saving towards bringing down the mortgage and therefore reducing our negative equity.

terrierlady

Zoopla can only guess they dont know what the property is like across the road a detached villa run down needed everything done sold for 400k has land but still high price, a year later all done up to high standard in keeping with its era,but price on zoopla,- minus, so overall difficult one for people looking to buy, yours should be easy as all very similar apartments good luck what ever you do and mayb a warning to people to stay clear of 1 beds always a nightmare to sell.