Negative equity - can you vend and preserve the mortgage but move to a lower pro property?
Hi
Does anyone know if a mortgage company will allow you to transfer your mortgage deal if you want to trade your current property (I would be in negative equity) and verbs the debt to another lower value property?
The reason I would approaching to do this is because I would like to move to another property and am worried that the price of my current place will fall within price further, so was hoping rather than basically have the debt without human being a home owner, move the existing mortgage to another property ...?
I know if sounds complicated and may be a long shot but with the current climate I wondered if UK lenders were becoming more flexible?? appreciation
Answers:
NO - when you sell a house you have to compensate off the mortgage and get a investigational one when you buy a new property - If you have glum equity - you have to negotiate with the lender on how you carry out of the house - foreclosure, short sale, etc and anything other than fully paying past its sell-by date the mortgage will probably prevent you from getting another house right away
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Does anyone know if a mortgage company will allow you to transfer your mortgage deal if you want to trade your current property (I would be in negative equity) and verbs the debt to another lower value property?
The reason I would approaching to do this is because I would like to move to another property and am worried that the price of my current place will fall within price further, so was hoping rather than basically have the debt without human being a home owner, move the existing mortgage to another property ...?
I know if sounds complicated and may be a long shot but with the current climate I wondered if UK lenders were becoming more flexible?? appreciation
Answers:
NO - when you sell a house you have to compensate off the mortgage and get a investigational one when you buy a new property - If you have glum equity - you have to negotiate with the lender on how you carry out of the house - foreclosure, short sale, etc and anything other than fully paying past its sell-by date the mortgage will probably prevent you from getting another house right away
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