Re-Mortgageing with negative equity

Captain_Howdy

Hi all, hoping for some advice if pos
Our fixed rate mortgage with nationwide is due to end mid 2012.
At the moment we are on the cusp of being in negative equity - the property is worth around £95-£100k and the mortgage is on about £96k.
As I understand we will be put straight onto a variable rate mortgage automatically at the end of the fixed term? Is this still the case even in negative equity or are they not going to want to touch us?
Also, if we decide we want to move at some point next year what are the chances of us getting a larger mortgage from them? Alas we do not have a large deposit saved up.. so are we stuffed before we even start?
If we manage to overpay over the next several months so our mortgage is slightly less than the properties value would this help us at all?
Sorry for sounding like a total pleb all, I do try to learn. :huh:

hcb42

yes, you will go onto SVR

No, you will not get a large mortgage, unless you have a minimum 10-15% deposit AND can pay all the fees involved in moving. (and the negative equity if you get to that point)

as regards to overpaying, you either overpay, so reduce the balance outstanding, or simply save that deposit. Aim for 15% of the new house value plus fees to be on safe side.