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Negative equity - plan of action?

blueelephanttrunk · 2012-07-24 07:56:44

We own a property which is in negative equity and would like to move in the future, we're looking at our options and I wondered if you lovely people could give me some advice :) Our house is a 2 bedroom terrace which we now owe £93,000 on the mortgage. Last year we had agents round who said we may get £89,000 if we were to…

Comments

R_P_W Posts: 1,527 Forumite

24 July 2012 at 6:55PM

This is really simple - pay off amny debts 1st, save up a few grand as emergency savings and then after that pay whatever you can afford onto your mortgage.

dont know how much debt you have but I guess if you can stick to this in 2.5-3 years time you should have enought equity in your house to sell and use as a deposit on your new house (property market permitting).

Don't worry about renting at the moment because you dont have any money for a deposit for a new house anyway.

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