D
Deb81
Guest
Hi there,
My Husband and I bought a house in 2007 for 380,000. We now have a mortgage of around 350,000 and the house is worth around 285k so has around 65k negative equity.
My husband earns 80k and I earn 40k, we are both in good steady employment for the last 12 years. We have 60k in savings and no other loans. I was wondering if any bank would entertain us if we were too rent out our current home (it is in a good rental area) We would get around 1100 a month in rent, this is the same as we are paying mortgage at the moment (we have a tracker which I understand we would probably lose).
I am wondering if:
a. we would qualify to buy another place at all what with being in negative equity, and
b. if we do qualify how much is it likely to be for.
I only ask cos in the area we would like our forever home to be it is possible to get a home for 300k or less (would have been 600k plus in the boom). Selling the first house is not really an option because of the neg equity, we would have to use savings to pay off the bank and we would be back to square one.
I hope the above makes some sort of sense!
My Husband and I bought a house in 2007 for 380,000. We now have a mortgage of around 350,000 and the house is worth around 285k so has around 65k negative equity.
My husband earns 80k and I earn 40k, we are both in good steady employment for the last 12 years. We have 60k in savings and no other loans. I was wondering if any bank would entertain us if we were too rent out our current home (it is in a good rental area) We would get around 1100 a month in rent, this is the same as we are paying mortgage at the moment (we have a tracker which I understand we would probably lose).
I am wondering if:
a. we would qualify to buy another place at all what with being in negative equity, and
b. if we do qualify how much is it likely to be for.
I only ask cos in the area we would like our forever home to be it is possible to get a home for 300k or less (would have been 600k plus in the boom). Selling the first house is not really an option because of the neg equity, we would have to use savings to pay off the bank and we would be back to square one.
I hope the above makes some sort of sense!