Looking for advice on negative equity on 3 properties.

  • Thread starter Sickandtired
  • Start date
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Sickandtired

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Can anyone offer me any advice I have 2 properties one 3 bed semi owe 216k worth about 130k and a 2 bed apt owe 278k worth 140k in the true spirit of fingleton's culture signed the mortgage application in the car
Park
Of the bank maybe I should have guessed there was something Dogey goin on :( )

I had these properties before I met my
Wife who also has a property owes 215k and we
Currently have a buyer for 234k :) none of the properties jointly owned
I currently have both my properties let and have to supplement approx 1200 a month on top of rent, we live in wifes house and have mortgage of 990pm of which I pay half

Our plan was to move into a family members house for long enough to save a deposit and try to get a new place together start afresh! But seemingly the banks won't give us a penny until I either sell one of my properties or clear the negative ! ( moving into either of rented properties is not an option as they are over 80 miles each way from place of work ! ) is there a way out ? Am beginnin to think selling my wife's house is a crazy idea and we should just stay there and ill just pay the bank exactly the ammount
Of
Rent
I'm getting instead of supplementing rent and havin €50 a week to live off ! Am stressed and sick of whole situation are banks doin deals with negative
 
Are you on full payments or interest only on the rented properties?

If your wife's house is suitable for your present needs I would nearly be inclined to stay put, although it is tempting if you have a buyer and are not in negative equity on that one, however as you say the chances of getting another mortgage to purchase again is unlikely with the two existing properties.
 
Is your wife's property not suitable for the two of you. Why would you want to borrow more money when you are already in so much debt?.

Are your two loans with the same bank, and is that the same bank as your wifes?
 
My mortgages are both with the same bank and on interest only ! My wife is with a separate bank the present house is not suitable as we currently both work full time and change our hours so one of us is at home to look after child we will soon have to pay child care as we cannot keep Woking the hours we presently do which will be mother money worry ! Thanks for your suggestions
 
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