Negative equity and want to switch

Cw82

Hi, we have a mortgage and secured loan( took out with the mortgage) and have been on interest only mortgage- now desperately want to change to repayment mortgage. I know I can do this with my current provider but want to know if we can do this with another due to being in negative equity. Anyone know?

kingstreet

No. Most unlikely.

Why not just make voluntary overpayments when you like?

It will achieve the same result. You'll pay off you mortgage faster.

ExpertAdvice

Unfortunately, no lender will offer you a remortgage while the property is in negative equity.

As suggested by Kingstreet, overpay as much as you can and as much as the lender allows without any penalties. Once you have build up some equity over the years, you can remortgage. I would pay off the secured loan first as its likely to be more expensive then your mortgage.