Hi all
We are really stuck. We are in a tiny house (family of five), worth about €300,000 with negative equity of €100,000. We are willing to move out of the city to larger but cheaper mortgage, pay a lump sum back to the back in so doing, but I don't think we could transfer the negative equity or get a new mortgage even for a much cheaper house. A modest extension (€30,000) would make our current house more liveable in. What would most likely happen if we wrote to the bank and said we were freezing our repayments for a period of two years to fund this, with a guarantee of returning to normal at the end of that time. If they refused, as they would, and we just forged ahead, what could happen?
Many thanks
AM
We are really stuck. We are in a tiny house (family of five), worth about €300,000 with negative equity of €100,000. We are willing to move out of the city to larger but cheaper mortgage, pay a lump sum back to the back in so doing, but I don't think we could transfer the negative equity or get a new mortgage even for a much cheaper house. A modest extension (€30,000) would make our current house more liveable in. What would most likely happen if we wrote to the bank and said we were freezing our repayments for a period of two years to fund this, with a guarantee of returning to normal at the end of that time. If they refused, as they would, and we just forged ahead, what could happen?
Many thanks
AM