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Looking to Move

adam28
adam28 Posts: 2 Newbie
in House buying, renting & selling
Hi,

Hoping someone can advise / help me.

I wish to move house but I am unsure if I can - please see my current situation as detailed below: -

Current Home Market Value - £145000

Current Mortgage - £148000

Current Savings Deposit - £5000

Current Salary - £40000 per year.

I know I am in negative equity, but is there anyway around this for me to be able to move now, as opposed to waiting for the property to go up in value.

Thank-you

Adam

Comments

  • twirlypinky
    twirlypinky Posts: 2,415 Forumite
    bridging loan. Exept your deposit is rather small. We're in the same situation as you.

    Downsize?

    We were looking at part exchanging for a new house, but have decided we really don't want a brand new house. We've put ours on the market, if and when it sells we're going to rent cheaply until we have our deposit.

    Keep on saving!
    saving up another deposit as we've lost all our equity.
    We're 29% of the way there...
  • kingstreet
    kingstreet Posts: 39,293 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    adam28 wrote: »
    Hi,

    Hoping someone can advise / help me.

    I wish to move house but I am unsure if I can - please see my current situation as detailed below: -

    Current Home Market Value - £145000

    Current Mortgage - £148000

    Current Savings Deposit - £5000

    Current Salary - £40000 per year.

    I know I am in negative equity, but is there anyway around this for me to be able to move now, as opposed to waiting for the property to go up in value.

    Thank-you

    Adam
    Ideally, you need cash to settle the negative equity, selling and buying fees and for a deposit before you can think of moving.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • adam28
    adam28 Posts: 2 Newbie
    Hi,

    Hoping someone can advise / help me.

    I wish to move house but I am unsure if I can - please see my current situation as detailed below: -

    Current Home Market Value - £145000

    Current Mortgage - £148000

    Current Savings Deposit - £5000

    Current Salary - £40000 per year.

    Overtime -£20000

    I know I am in negative equity, but is there anyway around this for me to be able to move now, as opposed to waiting for the property to go up in value.

    someone said maybe look into a secured/unsecured loan? any advice/ help would be much appreciated.

    Thank-you

    Adam
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    You will have £2000 once the negative equity is paid off (this is before even thinking of EA and legal fees, which will probably wipe that out). Thus you will have no deposit for the next property.
    This means you can not buy a property at the moment.
This discussion has been closed.
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