Wanting to sell but house in negative equity

gks11798

Hi

I am new to this and hope I am doing it correctly!

I want to sell my house, due to the drop in house prices my house is probably only now worth £95k and my mortgage is approximately £107k. I am not with a mainstream lender having had money problems in the past and I am now with Kensington. I have asked them on a couple of occasions if they could do a payment holiday but to no avail.

I was wondering if anybody had heard if it is possible to sell the house, knowing it is in negative equity, the monies from the sale obviously going to Kensington and then an agreement made to pay the balance off in monthly instalments (relatively small ones at that). This is in order that I could move into rented accommodation.

Thanks for your help.

Thrugelmir

Hi,

You could hand the keys back. Thereby effecting voluntary repossession.
Until the property is sold you would be liable for interest charges on the debt.

Suggest you make an appointment for a face to face meeting rather than attempt this over the the telephone.

getmore4less

Thrugelmir wrote: »

Hi,

You could hand the keys back. Thereby effecting voluntary repossession.
Until the property is sold you would be liable for interest charges on the debt.

Suggest you make an appointment for a face to face meeting rather than attempt this over the the telephone.

Not just the interesr but the capital shortfall potentialy forever until paid back.
Best to get a controled agreed sale to reduce the potential debt.