Negative Equity Loan Seeker

NegEquityDealSearcher

Dear MSE/Anyone sensible,

I was interested in M&S's 2.8% £7500 loan to bridge the gap in my property's negative equity. Obviously, I can't get a mortgage lender to give me a new deal because my property is worth less than my remaining balance. I'm stuck on a 4.54% variable mortgage rate.

With the £7500 2.8% loan I could bring my mortgage balance down and get a cheaper mortgage deal, before interest rates rise again.

Is it worth me doing this?

Regards
Stephen

ViolaLass

£7500 is the amount you're in negative equity by?

You won't get a 100% deal so you'd have to borrow more than that.

Thrugelmir

NegEquityDealSearcher wrote: »

I'm stuck on a 4.54% variable mortgage rate.

Then overpay the mortgage and tackle the negative equity directly yourself.