HELP! Negative Equity Move is it possible

CEvanz1988uk

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

opinions4u

Overpay the debt by lots.

CEvanz1988uk

We are overpaying by £400 p/m thats on top of the repayment mortgage we have. Paying £650 Capital off the mortgage per month.

Thrugelmir

Overpay by more. Become scrooge like for 6 months and hammer the debt. There's no gain without pain.

kingstreet

Ask the current lender if they have any negative equity products available to existing borrowers.

ValHaller

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.

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.