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part rent/party buy remortgage no deposit
sammylt80
Posts: 2 Newbie
Ok, so probably we are totally stuck. But I am hoping MSE can help 
. My husband and I brought a part rent part buy flat in Guildford in 2005. At the time I was at uni and we didn't earn much, we needed somewhere to live. It was our only option.
We got a 100% mortgage for 40% of the property approx £90k....so being skint at the time we did interest only repayments. Sadly life happened - got married, had a kid etc and now we are still interest only. Opps....
We now want to remortgage and just don’t know what to. We have no equity due to only paying interest, plus I believe the total value of the property is only up max £15k than when we brought it...how do we go forward? We have no deposit, as everything goes out on childcare currently. Hence why we need to sort our money out. But it seems like we would need £18k or some ridiculous amount if we want to change as a deposit. Help we are going in circles, with no way out.:(
. My husband and I brought a part rent part buy flat in Guildford in 2005. At the time I was at uni and we didn't earn much, we needed somewhere to live. It was our only option.We got a 100% mortgage for 40% of the property approx £90k....so being skint at the time we did interest only repayments. Sadly life happened - got married, had a kid etc and now we are still interest only. Opps....
We now want to remortgage and just don’t know what to. We have no equity due to only paying interest, plus I believe the total value of the property is only up max £15k than when we brought it...how do we go forward? We have no deposit, as everything goes out on childcare currently. Hence why we need to sort our money out. But it seems like we would need £18k or some ridiculous amount if we want to change as a deposit. Help we are going in circles, with no way out.:(
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What do you want to achieve?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
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