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Re-mortgage
lele29
Posts: 10 Forumite
i am trying to buy a house which is currently in negative equity and the sellers also have mortgage arrears, my question is they are trying to re-mortgage to cover the shortfall, how long does a re-mortgage take?
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Comments
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If you buying the property. Then the vendors need to come to an arrangement with the lender as to how the negative equity is settled. As such this isn't a remortgage.0
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Which property are they trying to remortgage?
Missed mortgage payments will make any remortgage difficult at best. Can't remortgage the one you are buying due to negative equity.
As thrugelmir says the vendors will need to arrange something with the lender to sell the property unless they can get funds elsewhereI am a Mortgage AdviserYou 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.0 -
they are not trying to remortaging on the same property just trying to cover the shortfall from the sale0
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