Relocating with negative equity

bebobob

Hi, i'm looking for some advice. My job is relocating, forcing me to move house but my finances are in a mess. I am in a DMP so have several defaults from 2009 on my credit file. Plus I am in negative equity because of a First Plus loan I stupidly took out leaving. Which means I have around 10k more owing on the house than it's worth. I am not looking to upsize and have a decent income c38k.
Wondered if anyone has had similar experiences or any advice?
Cheers.

R_P_W

What are you trying to do? Rent? Buy?

Current value of house? Value of houses where you want to move to?

Does your employee assist in any way?

_Andy_

bebobob wrote: »

Hi, i'm looking for some advice. My job is relocating, forcing me to move house but my finances are in a mess. I am in a DMP so have several defaults from 2009 on my credit file. Plus I am in negative equity because of a First Plus loan I stupidly took out leaving. Which means I have around 10k more owing on the house than it's worth. I am not looking to upsize and have a decent income c38k.
Wondered if anyone has had similar experiences or any advice?
Cheers.

If you're in negative equity you will not be able to move as there is an insufficient amount to repay/redeem the mortgage etc.

bebobob

Hi
Thanks for the replys so far.
Ideally I want to buy, but will probably end up renting. The house is worth around 190,000 and am looking at the same level in my new location. Employer only assists in moving costs sadly.

TrickyDicky101

Do you have any savings or other sources of finance (eg rich & generous parents) that could help? Doesn't look promising otherwise.

_Andy_

bebobob wrote: »

Hi
Thanks for the replys so far.
Ideally I want to buy, but will probably end up renting. The house is worth around 190,000 and am looking at the same level in my new location. Employer only assists in moving costs sadly.

You won't be able to buy or indeed even redeem the secured borrowing.