Hi Guys,
Just wondering if any one can help us with the above situation. My wife bought a flat through the home buy scheme under the Labour government at the height of the market. The flat has now decreased in value to the point of being in negative equity (15k below the value we bought at). To our knowledge there is no scheme like this now. As far as I understand the old scheme has been taken over by Radian. The situation we have is that we have had a baby and a one bedroom flat isn't enough for our needs! Under the old scheme you could upgrade the house to any other on the market (Even private) providing it went through the survey etc. This has now stopped as far as we know.
Radian have been very understanding and have allowed us to rent out the flat, which has covered us for now, but we just thought we would see if anyone knows of any way to upgrade our house to something a bit larger, we don't have any savings, but it used to be possible to buy without a deposit, so all we want to know is if there is a way to move into something larger, or do we need to just sit tight until the flat comes into positive equity and sell up then?
Any help would be much appreciated as we are renting a larger (marginally) place with high rental costs associated with that!
I look forward to hearing from you guys.
Will
Just wondering if any one can help us with the above situation. My wife bought a flat through the home buy scheme under the Labour government at the height of the market. The flat has now decreased in value to the point of being in negative equity (15k below the value we bought at). To our knowledge there is no scheme like this now. As far as I understand the old scheme has been taken over by Radian. The situation we have is that we have had a baby and a one bedroom flat isn't enough for our needs! Under the old scheme you could upgrade the house to any other on the market (Even private) providing it went through the survey etc. This has now stopped as far as we know.
Radian have been very understanding and have allowed us to rent out the flat, which has covered us for now, but we just thought we would see if anyone knows of any way to upgrade our house to something a bit larger, we don't have any savings, but it used to be possible to buy without a deposit, so all we want to know is if there is a way to move into something larger, or do we need to just sit tight until the flat comes into positive equity and sell up then?
Any help would be much appreciated as we are renting a larger (marginally) place with high rental costs associated with that!
I look forward to hearing from you guys.
Will