Hi, I am wondering if it is even a possibility at all to buy a 2nd house if the house we currently own is in negative equity?
We have a mortgage of apporx 160,000 over 30 years. We hate the house and we are prob about 70,000 in negative equity. Purchased house for 180,000 at height of property boom here in NI.
Anyway we are expecting to come into some money in the next few months, figure of £30-40,000.
I have previously overpaid some on our current mortgage but am so reluctant to put this extra money into our current house as it would still not put a dent in the outstanding amount. We have spent 6 years here and I am really at my breaking point with it for a number of reasons.
We were thinking of looking into a 2nd cheap house in the area we wish to move to, priced at a maximum of 80-90,000 leaving us with a mortgage of 40,000. Would any lender even look at us or is this complete pie in the sky? We have a combined income of approx 60,000. Many thanks
I
We have a mortgage of apporx 160,000 over 30 years. We hate the house and we are prob about 70,000 in negative equity. Purchased house for 180,000 at height of property boom here in NI.
Anyway we are expecting to come into some money in the next few months, figure of £30-40,000.
I have previously overpaid some on our current mortgage but am so reluctant to put this extra money into our current house as it would still not put a dent in the outstanding amount. We have spent 6 years here and I am really at my breaking point with it for a number of reasons.
We were thinking of looking into a 2nd cheap house in the area we wish to move to, priced at a maximum of 80-90,000 leaving us with a mortgage of 40,000. Would any lender even look at us or is this complete pie in the sky? We have a combined income of approx 60,000. Many thanks
I