Halifax mortgage - Negative equity

gemmylouise

I bought a property in 2007 and my mortgage is £65k

I accepted an offer for £65k but this has fallen through.

I now have another offer of £60k.

Would Halifax let me sell for less than the mortgage?

Would they agree to set up an arrangement for the shortfall?

Does anyone have any experience of this?

Thanks

[Deleted User]

Ask them?

Actually, how have you managed to own a house for over a decade and have a remaining mortgage higher than the 2019 value?!

gemmylouise

Deleted_User wrote: »

Ask them?

Actually, how have you managed to own a house for over a decade and have a remaining mortgage higher than the 2019 value?!

I will be asking but they are closed until Monday so wondered if anyone had any experience of this. I bought when prices were high just before the credit crunch unfortunately!

Thrugelmir

Are you purchasing another property?

gemmylouise

Thrugelmir wrote: »

Are you purchasing another property?

No not straight away and when I do it will be a new application with my husband.

getmore4less

Deleted_User wrote: »

Ask them?

Actually, how have you managed to own a house for over a decade and have a remaining mortgage higher than the 2019 value?!

It was interest only 15 years full term.

silvercar

I don't know whether I should be jealous that you can buy a property in your area for 60k or relieved to be in an area that has seen a large increase in value since 2007.

Where abouts are you?

foxy-stoat

4 bed semi-detached houses in Durham are advertised for less than £50,000.

All about location.