Negative equity and moving - what choices?

S

Summer Sun

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Hi all
I bought at top end of the market an apartment. Cost 360K and value now about 150K (if Im lucky!!) Have mortgage of 240K on it. However I have to move out. In it nearly 10 years now and had hoped to move after 3/4 years. Far too small for our needs now.
I have a site down the country and would love to build a family home on it - the site is worth about 80K. I reckon I need another 150K to build family home. I am in full-time steady employment and paying mortgage is fine. My question is would I be able to take negative equity and add to my mortgage and perhaps rent out my Dublin apartment whilst building my house OR alternatively if I sold my apartment with some mortgage outstanding could it be added to my new mortgage.
I'm in early 40's and I'm afraid I wont get a mortgage in a few years.
What other options do I have

Thanks
SummerSun
 
Summer Sun said:
if I sold my apartment with some mortgage outstanding could it be added to my new mortgage.
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Likely to be your only option. Talk to your existing mortgage provider about capacity to transfer negative equity to a new property!
 
Hi SS

Which lender is it?
What sort of mortgage are you on? Tracker, variable rate or fixed?
How much savings do you have?
What is your salary?

Brendan
 
Is there a standard amount or % that one can borrow if in negative equity and want to trade up?
We have an apartment in negative equity but desperate to sell it to build family home. Lets say we were to borrow 320K but 100K of this was negative equity figure in apartment would this be allowable? How do banks decide?

Summersun
 
Summer Sun said:
Is there a standard amount or % that one can borrow if in negative equity and want to trade up?
Click to expand...
No! Only option here is to talk to your mortgage provider. Your circumstances will be unique and there is no standard for these types of agreements.
 
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