Need advice re negative equity

mrginge

£58k gross + company car.
£10k personal debt and no inroads made into the mortgage...

This problem is entirely about your spending habits. There is no way on this earth that a 58k income is not sufficient to service a 130k mortgage and maintain a good standard of living.

I think you need to address this issue instead of looking at ways you can run up more debt.

jimjames

Trapped_lass wrote: »

The only thing they could do is give us a buy to let mortgage on our house at 4.69%(ish) which came out at £638 per month ( rent would be £540 which is our current mortgage repayment but on the buy to let we would have top top up plus pay mortgage where we moved to) and then port our mortgage to a new property but it could only be 90% ltv (which I would expect - I understand we can't even remortgage without finding a deposit to bring it to 90% ltv ) so that is a no go and tbh I would rather sell and find a deposit.

Normally a BTL mortgage will need at least 25% deposit, did they take that into account or is there some special deal they are offering?

We had property bought in 1989 too and only sold in 1998, even then it was 30% below the purchase price. Shame we had to sell as it's now double the purchase price and 3x what we sold for.

As per previous posts, definitely look at your finances and cut back as much as you can to pay down faster.