wanttomove
Registered User
- Messages
- 6
Need some advice please.
Our situation:
Bought in 2004 for €160k, both of us working no children.
Currently have €124k left on mortgage. 2 kids, hubby opened his own business last year which (tip wood) is doing well. I am technically a sahm so currently only 1 income of €28.5k per annum - net of tax and dividend.
The most we could get for our house is €120k which means we are in negative equity. I know it's most definatelty not a lot compared to some. We have never missed a mortgage repayment.
We really want to move from the area we are in as soon as possible for a variety of reasons and so we have 2 options:
1 - rent out our home and rent somewhere else ourselves. Hope that the market rises and sell in a couple of years. This was my initial thought but family/friends think I am mad.
2 - On condition the bank allows, sell our home and take the negative equity with us into a new mortgage and buy another home. I'm just not sure we would be allowed enough of a new mortgage to get the home we want.
Before I go to the bank, does anyone know if:
1. Bank will entertain us taking negative equity into new mortgage
2. How much of a 'new' mortgage we would be allowed (roughly) if at all
btw Mortgage is not with same bank as business and the business is a ltd company with 2 directors 50/50 everything.
Our situation:
Bought in 2004 for €160k, both of us working no children.
Currently have €124k left on mortgage. 2 kids, hubby opened his own business last year which (tip wood) is doing well. I am technically a sahm so currently only 1 income of €28.5k per annum - net of tax and dividend.
The most we could get for our house is €120k which means we are in negative equity. I know it's most definatelty not a lot compared to some. We have never missed a mortgage repayment.
We really want to move from the area we are in as soon as possible for a variety of reasons and so we have 2 options:
1 - rent out our home and rent somewhere else ourselves. Hope that the market rises and sell in a couple of years. This was my initial thought but family/friends think I am mad.
2 - On condition the bank allows, sell our home and take the negative equity with us into a new mortgage and buy another home. I'm just not sure we would be allowed enough of a new mortgage to get the home we want.
Before I go to the bank, does anyone know if:
1. Bank will entertain us taking negative equity into new mortgage
2. How much of a 'new' mortgage we would be allowed (roughly) if at all
btw Mortgage is not with same bank as business and the business is a ltd company with 2 directors 50/50 everything.