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negative equity and moving
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Posts: 1 Newbie
my property is currently sitting in negative equity and we are relocating with work, house is currently worth approX £50,000 LESS than we paid for it. paid £165k worth approx £110k mortgage currently at £142k what way can we get round this to allow us to sell this property and move mortgage to a new property without having to fins 50k??
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There is no way round it.
Best case scenario, your lender allows you to sell and converts the shortfall to an unsecured loan.
You haven't mentioned the source of your deposit for the onward purchase?
If you are with Lloyds Group it has a negative equity scheme, but you have to put 10% of the new purchase price in from savings and you cannot increase the overall loan to value from its current level.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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