Negative equity question

Dorastar

Update - bank are going to look at fee-free mortgage for us which includes a free valuation so at least we know where we stand. Then we can go from there with better info and with a plan to pay off any negative equity as quickly as we can.

Thrugelmir

Dorastar wrote: »

Update - bank are going to look at fee-free mortgage for us which includes a free valuation so at least we know where we stand. Then we can go from there with better info and with a plan to pay off any negative equity as quickly as we can.

Don't panic. As long as the mortgage is affordable then you'll get there in time. If times do get difficult then extend the mortgage term. The key is to keep paying down the capital owed. As this reduces you'll pay less interest and more capital back every month.

Dorastar

Thanks - can't extend as we are officially old (42 and 43)! Feel quite positive about it in a weird way, at least we are doing something sensible about it rather than hope it goes away on its own or sticking heads in sand.

DVardysShadow

Dorastar wrote: »

Thanks - can't extend as we are officially old (42 and 43)! Feel quite positive about it in a weird way, at least we are doing something sensible about it rather than hope it goes away on its own or sticking heads in sand.

Plenty of time to get it sorted, provided you make a start on it now. The more aggressively you start, the better.

Dorastar

Bank seems to say yes to a fixed rate remortgage but all subject to valuation - which is where the problem lies - overpaying "aggressively" in the meantime