Can i move my mortgage if in negitive equity?

aandk64

Hi,
I currently have a mortgage for £95k and are in negitive equity by £10k, i want to sell and move to a slightly bigger house and put a deposit down of about £15k.

Would my mortgage company allow my to port my £95k then add £15k as a deposit so i can buy a £110k house and still have the same mortgage payment?

As i think this is the only possible way i can move upwards a little.

Thanks for your help

Thrugelmir

The sale of your existing house will need to be settled first. So £10k will be required to clear the negative equity.

So only way to effect the move is save more or overpay the mortgage.

aandk64

Yes then if i pay the £10k off then im sure i wont be allowed a mortgage big enough to be able to move

Do you know anything about porting a mortgage, which is apprently where you can move your exisiting mortgage to another property? (this is what i were wanting to do, so in theory be in the same position but instead of the money been in my personnel savings, it coud go against my mortgage to allow to buy a bigger house.

Thrugelmir

Porting is a term. As it merely means that your existing terms and conditions will be transferred to the mortgage on your new property, i.e. interest rate.

You will still need to apply for a mortgage and undergo normal checks.

Unfortunately clearing the NE is the only way forward. So if your mortgage has an interest rate higher than your savings. Then repay some of the mortgage. So it speeds up repayment.

No easy answers. Except save and cut back where possible on expenditure.