T
trinity123
Guest
This may be a very silly question but have heard mixed reports of late so thought I would look for clarification. Husband and I bought a three bed semi (first home and only mortgage) in 2005. Mortgage with BOI was for 235,000. In the current climate we would be lucky to achieve 200,000 sale price. We are hoping over the next year or two to get a larger home i.e. upgrade to a four bed house. Is it possible to do this if you are more than likely in negative equity? Some pundits are saying that for second time buyers albeit values of their homes are decreasing, the values of second purchase homes are also decreasing which balances the loss out somewhat. Sounds fine in principle but in reality can you move on if the value of your outstanding mortage is actually more than the sale price of your home? Any advise would be appreciated. I should stress that when means tested in 2005 we borrowed allot less than we could have (thank god!). So basically my question is, is it possible to move up the ladder or must we stay in our present house long term?