Hi I really want to sell my house and move into the town (I currently leave in a village) but my house is in negative equity. My mortgage provider is KBC and have told me that I can trade up with a negative equity trade up mortgage but this 125% LTV really has me scratching my head!
The mkt value of my home is about 155000 which leaves me with about 76000 worth of neg equity.
They have told me that to get the LTV ratio at 125% I should be looking at property selling at about 210k. But I have seen a property I like for about 180k where does this leave me?
I have about 30k in savings should l use that to pay more of a deposit? Should I be looking at a dearer house which would leave me paying more of a mortgage? (My mortgage is a tracker rate so I will have some at the increased tracker rate and d rest at a variable rate?)
Should I use my savings to pay a lump sum off the mortgage instead? Pay more myself for the 180k house?
As you can see very confusing!
The mkt value of my home is about 155000 which leaves me with about 76000 worth of neg equity.
They have told me that to get the LTV ratio at 125% I should be looking at property selling at about 210k. But I have seen a property I like for about 180k where does this leave me?
I have about 30k in savings should l use that to pay more of a deposit? Should I be looking at a dearer house which would leave me paying more of a mortgage? (My mortgage is a tracker rate so I will have some at the increased tracker rate and d rest at a variable rate?)
Should I use my savings to pay a lump sum off the mortgage instead? Pay more myself for the 180k house?
As you can see very confusing!