We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
HELP! Negative Equity Move is it possible
CEvanz1988uk
Posts: 2 Newbie
Evening Guys & Girls,
So cutting a very long story short, my partner brought a 1 Bed Flat in her own name back in 2007 (Advised at the time she didnt do this but would not listen) she was only 19 when she did this and was advised by her Parents to complete this purchase as she would be onto a sure win.
At the time of purchase she paid £94,500 for the 1 bedroom flat in 2007 and today we just had it valued at £79,000, in the 6 years she has owned the property she has only managed to clear of £5,000 on the property. So at this present day she is -£10,000 + Estate agent fee's (The sure win refered to earlier in the post)
We have a joint income of £53,000PA and savings of around £4,000 and what we would like to do is move into a bigger place.
My question is how can we move sooner rather then later?
Any help would be appreciated
So cutting a very long story short, my partner brought a 1 Bed Flat in her own name back in 2007 (Advised at the time she didnt do this but would not listen) she was only 19 when she did this and was advised by her Parents to complete this purchase as she would be onto a sure win.
At the time of purchase she paid £94,500 for the 1 bedroom flat in 2007 and today we just had it valued at £79,000, in the 6 years she has owned the property she has only managed to clear of £5,000 on the property. So at this present day she is -£10,000 + Estate agent fee's (The sure win refered to earlier in the post)
We have a joint income of £53,000PA and savings of around £4,000 and what we would like to do is move into a bigger place.
My question is how can we move sooner rather then later?
Any help would be appreciated
0
Comments
-
Overpay the debt by lots.0
-
We are overpaying by £400 p/m thats on top of the repayment mortgage we have. Paying £650 Capital off the mortgage per month.0
-
Overpay by more. Become scrooge like for 6 months and hammer the debt. There's no gain without pain.0
-
Ask the current lender if they have any negative equity products available to existing borrowers.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
Plan to pay off £1000 equity per month. And as you will be putting in a substantial part of that, get yourself 'put on the mortgage' - ie added to the deeds as a part owner.CEvanz1988uk wrote: »We are overpaying by £400 p/m thats on top of the repayment mortgage we have. Paying £650 Capital off the mortgage per month.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards