mortgage in negative equity and selling the property...

murphyslaw

Hi

I want to sell my property that is currently in negative equity and take the outstanding amount approx £23k with me onto my partners mortgage he has equity c£20k and we will also remortgage in a joint application.

Is this possible ? Could you point me in the right direction of what is the best way to approach this.

Keeping the property to rent and wait is not an option and prices have no chance of recovering were the property is due to the area.

I have found a couple of products that would take the negative equity with you on a new mortgage but nothing for a remortgage.

Any other options available in this situation

Many thanks for your advice.

ViolaLass

Wouldn't that put your partner into negative equity?

Listerbelle

Why is buy and hold not an option?

beecher2

You need to contact your lender for options on paying off the negative equity.

You'd have to free up the equity in your partner's house and pay off your lender so you wouldn't be transferring the negative equity as such. Your partner's lender won't remortgage for over 100% though so there will still be a shortfall. The joint application will also be complicated as you would have to apply for this while still having your existing mortgage.

Maybe phone your existing lender and then see a broker?

murphyslaw

Thanks for replies

I will contact my lender and see what they advise. There must be others in the same situation but it's hard to find any information about what is available as an option to move on.

Never heard of buy and hold so will look that up

We were planning that having a joint mortgage and with 2 decent incomes would help as we can pay it back quicker but any information greatly received as it not something we are familiar with.

Thrugelmir

Keep your property and sell the other one. Until such time as the negative equity is cleared in one form or another.