PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Negative Equity Property & Struggling to Manage

1234568»

Comments

  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Suppose the only way you'll know is to go back in a month or so... Not moving too well in my bit of West Yorks, apart from "BTL gulch" a couple of miles up the road which seems to have an endless cycle of Sold/To Let/For Sale/Reduced.
  • poohwithmoney
    poohwithmoney Posts: 67 Forumite
    Hi,
    Not sure if this will help. I have a norther rock mortgage which is really good i borrowed 100% for the mortgage and then additional money to buy furniture etc so in all i borrowed 112% the loan is at the same rate as the mortgage Maybe you could change your mortgage to a flexable mortgage and have a mortgage on what the flat is worth and then a loan on the negative equaity part, the loan is flexable so you can pay it back quicker ,unsecured and at the same interest rate as the mortgage.
    Luckily my flat has increased in price so i can pay back the the loan if i decided to sell in the next couple of months with the sale of the flat.
    Hope that you flat increases too
  • chriss1979
    chriss1979 Posts: 115 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Where is the OP anyway?
  • Searcher2
    Searcher2 Posts: 1,176 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    chriss1979 wrote:
    Where is the OP anyway?

    Probably crying in a corner.
  • Krish_2
    Krish_2 Posts: 8 Forumite
    Searcher2 wrote:
    Probably crying in a corner.
    True though. Atleast you people be wary of this and be careful with hyped up New build prices.:o
  • chriss1979
    chriss1979 Posts: 115 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Krish wrote:
    True though. Atleast you people be wary of this and be careful with hyped up New build prices.:o

    As a FTB in the near future its certainly going to make me more cautious!
  • Searcher2
    Searcher2 Posts: 1,176 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Krish wrote:
    True though. Atleast you people be wary of this and be careful with hyped up New build prices.:o

    So what have you decided to do?
  • robwend
    robwend Posts: 2,919 Forumite
    yes what you doing!! i keep comming back to find out if yourve done anything yet!!!!!!!! lol hurry up:D
    You're not drunk if you can lie on the floor without holding on
  • prudryden
    prudryden Posts: 2,075 Forumite
    mpsavuk wrote: »
    Ok, explain it to me then if you are so clever.

    Renting is dead money so it's always best to buy.

    Prices are going to keep rising so best to buy before you get priced out.

    The media say prices will be going up 10% this year and 12% the year after.

    You can't loose if you get on the property ladder, even with an interest only mortgage.

    Uh oh!! Now I'm scared. Tombstone epitaphs come to mind.
    FREEDOM IS NOT FREE
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture