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Negative Equity and Secured Loan
milney22
Posts: 1 Newbie
Good Afternoon
I would like to ask for advise on a negative equity and secured loan issue.
To purchase a property in 2007 my ex partner and I borrowed £126,000 against a mortgage and £30,000 on a secured loan that runs along side the mortgage over the same time and at the same rate. The property is now valued at £125,000 and in negative equity against the amount we borrowed to purchase it.
My ex partner now wants to transfer the mortgage into his name and this is leave the £30,000 to refinance. We ideally would like to split this in half, I have applied for two loans of this amount and have been refused. I have a "good" credit rating as stated on my Experian report but am still unable to gain funds.
Do you have any suggestions on who will be able to lend me this with affordable repayments?
Thanks in advance
I would like to ask for advise on a negative equity and secured loan issue.
To purchase a property in 2007 my ex partner and I borrowed £126,000 against a mortgage and £30,000 on a secured loan that runs along side the mortgage over the same time and at the same rate. The property is now valued at £125,000 and in negative equity against the amount we borrowed to purchase it.
My ex partner now wants to transfer the mortgage into his name and this is leave the £30,000 to refinance. We ideally would like to split this in half, I have applied for two loans of this amount and have been refused. I have a "good" credit rating as stated on my Experian report but am still unable to gain funds.
Do you have any suggestions on who will be able to lend me this with affordable repayments?
Thanks in advance
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