My current mortgage is in negative equity (Balance 220k / Property worth 180k)
We are hoping to move to a new home worth approx 280k.
We have a deposit saved of 75k. Salary is 85k p.a. (my wife does not work).
Based on the central bank rules we should qualify got a negative equity mortgage as (a) we have the 20% deposit for new property and (b) our total remaining borrowing would be less than 3.5 times salary.
However our current mortgage is with Danske who have left the market. Will any of the remaining banks consider us to a negative equity mortgage? Or will have to continue saving until I can cover the existing negative equity and pay 20% deposit for new property i.e save an extra 20k approx.
Thanks
We are hoping to move to a new home worth approx 280k.
We have a deposit saved of 75k. Salary is 85k p.a. (my wife does not work).
Based on the central bank rules we should qualify got a negative equity mortgage as (a) we have the 20% deposit for new property and (b) our total remaining borrowing would be less than 3.5 times salary.
However our current mortgage is with Danske who have left the market. Will any of the remaining banks consider us to a negative equity mortgage? Or will have to continue saving until I can cover the existing negative equity and pay 20% deposit for new property i.e save an extra 20k approx.
Thanks