Negative Equity & still move up?

CFH5

Hi,

Im new to the forum so Hi everyone first of all and thanks in advance if you can add anything to this.
I recently got my property valued and an up to date balance on my mortgage. The difference is around -£15k if Im being realistic on what I can sell my home for. I have seen another property which is reduced to sell and it seems within my grasp but Im not sure if I can do what I would like to do. Heres some figures for example
My mortgage balance is 215k. My home will probably fetch £200k. The property I am looking at I would probably get for £225k. My bank has asked me to attend a meeting with a mortgage advise for a screening application as they may be able to port my current deal. The house I would be buying is considerably below market value but will the bank help me out here? The difference isnt huge. Affordability isnt an issue but as you can see I have no equity. The difference isnt massive though and I have actually being overpaying my mortgage for some time now.
I have heard people say that most banks have something up their sleeve for this eventuality but most people arent my bank I guess!!:(

Thanks

R_P_W

Absolutely zero chance!

What you are proposing here is a 100%+ mortgage. Which don't exist

theoretica

You can only talk to them... if they like the way you run your bank accounts there might be a way with porting the mortgage and maybe an unsecured normal loan for the extra £25k.

R_P_W

theoretica wrote: »

You can only talk to them... if they like the way you run your bank accounts there might be a way with porting the mortgage and maybe an unsecured normal loan for the extra £25k.

Why a you giving the OP false hope? You are suggesting that they can borrow the deposit on a house - which they cannot

CFH5

R_P_W wrote: »

Why a you giving the OP false hope? You are suggesting that they can borrow the deposit on a house - which they cannot

I was about to say that I appreciate the candour of our friend RPW.....
Im sure my bank make a habit of asking their customers to complete applications, gather the relevant paperwork and come in and have futile appointments with their mortgage advisers just so they can say a resounding no. Sounds like a good use of their time and mine.
I appreciate that on the face of it, it all looks very unlikely. The point of this post was to see if anyone else had a similar experience with their bank? Perhaps their bank suggested getting a loan, with them, for "other reasons" than a deposit.;)
Anyway, thanks. (I think)