Re-Mortgaging or moving with negative equity?

techknott

My wife and I took out a 100% mortgage in November 07(first house) with the mortgage point(future mortgages). We went interest only at the time fixed for 3 years purely in order to get on the ladder any way we could. I switched it to a repayment mortgage a year ago but would guess we are still in negative equity.
The interest on this mortgage is extortionate, so I was wondering what our options are with regards to either remortgaging or preferably moving house?
Our salaries and credit history are both vastly improved since we took the mortgage out(perfect credit-no problem obtaining credit). We would just like to move to a nicer home or at least remortgage to a better deal.

I'm not very clued up when it comes to things like this so thank you for any advise.

_Andy_

Hate to be the bearer of bad news but you won't be able to do either.

Thrugelmir

techknott wrote: »

Our salaries and credit history are both vastly improved since we took the mortgage out(perfect credit-no problem obtaining credit). We would just like to move to a nicer home or at least remortgage to a better deal.

Up your mortgage repayments to pay down the mortgage quicker.

You'll need equity (or savings ) to fund the purchase of a new property. If your mortgage interest rate is "extortionately" high. Unlikely that you'll earn this rate on your savings.

katie1234

Can i ask why your mortgage rate is high?

If fixed for 3yrs in 2007 then your deal will have ended by now and interest rates are low so have you not fallen onto your banks base rate tracker or equivalent?