Marianne S
Registered User
- Messages
- 88
We will sit tight for as long as we can but I was wondering how the banks treat situations like ours
=GOBSTOPPER;661124 People who have gone into negative equity only feel the pain if they sell .
What we'd like to know is if we are in negative equity when we go to sell eg house is worth 250K but we owe 300K how does it work?
We won't be able to clear the mortgage on property A with the proceeds from its sale so how do we buy property B and come up with a deposit?
The only potential option I can see for you is to rent another property while renting out your exisiting one.
This is not without its risks however and potential financial pitfalls
- Would the rent on the existing property meet your mortgage repayments?
- Would you be able to afford rental voids, where no rent comes in put the mortgage still must be paid?
- would you be comfortable raising a family in a place you are renting?
- How would you feel about getting calls from a tenant if/when a tap leaks etc?
Just one more option to throw into the mix - I am not advocating that you go this route, but just that you may not have thought of it as an option
A lot of people have been living a dream but reality is just starting to kick in.
I know plently of people who raised a family in a two bedroom house to start!!
People used to raise a dozen children in two bedroom homes.
I don't understand why a toddler needs her own room. Can the baby not just share the office with your partner? Or sleep in your room?
Are you advocating a return to tenement housing?Just because "people used to" doesn't mean they still should
There is nothing wrong with someone aspiring to have a comfortable and spacious existence - at least the OP had the good sense to come on here and ask the question before doing anything specific
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?