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Advice on selling a house at a potential loss..
amjustagirl
Posts: 291 Forumite
Hi all,
Would really appreciate some advice. Me and my husband want to start a family now as we arnt getting any younger. We have a property together but i also have one that a family member is living in until we sell it. The property has been on for 7 weeks with 2 viewings and no offers. I owe just under 93k on it and bought it for 94k in April 06. What we want to know is if we sell at a loss could we add the money onto our current mortgage? The mortgages are with different banks. We just dont know what to do but we are fed up of putting our lives on hold and have had nothing but trouble since renting the house out after 2 sales on it fell through in Dec 07.
Thanks for your time
Would really appreciate some advice. Me and my husband want to start a family now as we arnt getting any younger. We have a property together but i also have one that a family member is living in until we sell it. The property has been on for 7 weeks with 2 viewings and no offers. I owe just under 93k on it and bought it for 94k in April 06. What we want to know is if we sell at a loss could we add the money onto our current mortgage? The mortgages are with different banks. We just dont know what to do but we are fed up of putting our lives on hold and have had nothing but trouble since renting the house out after 2 sales on it fell through in Dec 07.
Thanks for your time
Win's of 2014 so far-Maxfactor mascara, £50 Pizza Express Voucher, Dr Oetker Pizza, Nuby sippy cup :j:beer:
0
Comments
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You could certainly ask your current mortgage lender for an additional loan on the property you plan to keep. It would depend on the ratio of the loan you have/increased loan you want against the current value - remember banks no longer lend 100% of the value of properties.
It would also depend on your salary, and whether it's enough to cover the increased loan.
If they say yes, you get an additional loan and use it to pay off the mortgage shortfall on the sale price of the other property.0
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