Selling in negative equity and mortgage repayment

amjustagirl

Quick question..Had an offer on my house for 90k but still have 92.5k to pay on the mortgage. If i accepted the offer do i have to pay all the money back to the bank or can i still have a tiny mortgage of 2.5k? It's the first time i have ever sold a house and am a little confused to how it works
Thanks

Thrugelmir

Are you intending to move?

amjustagirl

No, me and my partner already own a property together, the house am selling was my own before we met

Thrugelmir

You would be liable for any shortfall when redeeming the mortgage.

holly_hobby

The lender may give you a short period of time to repay the shortfall i.e 6 mths to a year, which will technically become a personal loan if not redeemed at the point of completion.

Have a chat with them before you accept the offer, to see what their likely approach will be - you will then be able to make an informed decision as to whether accepting the offer of 90k is workable or not.

Hope this helps

Holly

mark55man

try asking for £91k (or even 92.5K) - not explaining your in negative equity (they may fell you are desparate, when clearly you are not), but just normal negotiating (remember it doesn't take much to ask and they must be slightly keen to have put in an offer - could be £1k return on a 5 minute phone call). Alternatively, just get a loan and use your mortgage payments to pay it off a quickly as possible

luciano

2.5k is not that much. You might get yourself a credit card with an interest free deal and cover part or all of it. Alternatively as it has been suggested try to get a loan.