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Porting mortgage in negative equity
Busybee81
Posts: 1 Newbie
I have a mortgage of 131,000 and have had an offer to sell my house for 110,000. I would then like to port the mortgage to new property worth 115,000 that I been offered the opportunity to purchase for 105,000. My mortgage is currently with halifax.
Does anyone know if this possible and if so will I need a deposit?
Thanks in advance!
Does anyone know if this possible and if so will I need a deposit?
Thanks in advance!
0
Comments
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How you propose repaying the shortfall?0
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Possibly.
http://www.guardian.co.uk/money/2011/jan/27/negative-equity-mortgage-lloyds
You will need a deposit as the loan to value must be less than is it now.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 -
If the new property is worth £115000, then no one would sell it to you for £105000. So it will not be valued any higher that £105000I would then like to port the mortgage to new property worth 115,000 that I been offered the opportunity to purchase for 105,000.
Additionally, when you say 'new property' is this a new build? Because new builds lose value immediately they are bought, which might add another £10000 to your negative equity woes - if you were allowed to port the mortgage to a new buildYou 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
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