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wanting to move home -Negative Equity
richo182
Posts: 1 Newbie
Apologies if there are numerous emails similar to mine but here goes..
Myself and my wife bought our current home in 2006 with northern rock and took out an 107% mortgage (bought house for 94k)
Early Novemeber we decided the time was right to move for various reasons (kids) however up on having our home valued, we realised we are still in negative equity. (owe 92k valued at 85-87k) when we bought the house we knocked them down quote abit so we presumed there would be some Equity, plus adding the home improvements we have had done.
now we were going to use the little equity we had plus a small deposit to move up the ladder, however these plans are now out the window. Our Main Aim is to move ASAP
are we best off, Overpaying the Mortgage or putting some into savings? or is there another way around?
thanks in advance
Myself and my wife bought our current home in 2006 with northern rock and took out an 107% mortgage (bought house for 94k)
Early Novemeber we decided the time was right to move for various reasons (kids) however up on having our home valued, we realised we are still in negative equity. (owe 92k valued at 85-87k) when we bought the house we knocked them down quote abit so we presumed there would be some Equity, plus adding the home improvements we have had done.
now we were going to use the little equity we had plus a small deposit to move up the ladder, however these plans are now out the window. Our Main Aim is to move ASAP
are we best off, Overpaying the Mortgage or putting some into savings? or is there another way around?
thanks in advance
0
Comments
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If you can find a savings account with a higher NET rate than you mortgage, otherwise overpaying the mortgage will be best.
Unfortunately, until you have built up some savings, or can borrow the funds for the deposit, then you are stuck.I am a mortgage adviser.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.0 -
Overpay the mortgage by as much as you can.0
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