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.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Porting mortgage in negative equity

Busybee81
Busybee81 Posts: 1 Newbie
in Mortgages & endowments
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!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How you propose repaying the shortfall?
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    Busybee81 wrote: »
    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.
    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 £105000

    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 build
    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'
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture