€100k negative equity; need to move; can opt for redundancy

[decision2013]

Hi

I am living in my house remortgaged during boom for seperation and in circa €100K negative equity I have since remarried .The house I own is not ideal location wise and we need to move however with two small children a deposit is difficult to get .
However there is an opportunity for redundancy in my current job which would give me a more than adequate deposit .

I am not sure to take the risk of taking this for a deposit and make the move could rent out my own house or sell if allowed.

Has any one any advise on this should I take this opportunity while I can

 

[dereko1969]

Hi

I am living in my house remortgaged during boom for seperation and in circa €100K negative equity I have since remarried .The house I own is not ideal location wise and we need to move however with two small children a deposit is difficult to get .
However there is an opportunity for redundancy in my current job which would give me a more than adequate deposit .

I am not sure to take the risk of taking this for a deposit and make the move could rent out my own house or sell if allowed.

Has any one any advise on this should I take this opportunity while I can

Surely you're going about this the wrong way. What are your job prospects after taking redundancy? You could well be disallowed a number of weeks JSB if you volunteer for redundancy. There's no point having a deposit for a house if you're not going to be in a position to meet the mortgage payments through having no job.

 

[serotoninsid]

I would imagine that this wouldn't be acceptable to the bank either - they would need to see you in permanent employment before they would agree to a new mortgage contract.

 

[Brendan Burgess]

I suggest you provide all the information on yourself and your spouse in the case study format.

Also please adhere to the Posting Guideline

Please take a little time to write your post carefully. Use complete sentences. Use paragraphs for longer posts.

 

[Bronte]

Surely you're going about this the wrong way. What are your job prospects after taking redundancy? .

Completely agree with this, anyone contemplating giving up a job in the current climate would need to really really think about it.

 

[Brendan Burgess]

That is why we need complete information.

if the redundancy payment is sufficient to clear the negative equity and if his spouse has a big enough income in their own right, they might qualify for a mortgage.

An existing mortgage with a big lump of negative equity might stop them getting a new mortgage even if both are working.

Brendan