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Help with negative equity please!!


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Hi

 

Hope someone out there can help me. My home is about £20,000 in negative equity. I have the dreaded together mortgage with northern rock and have a 22000 loan attached. So if I were to sell I would owe about 44000 to NR. My home is now rented out as I had to move as recently my mum took ill and I wanted to be there for her. I am now renting a 4 bedroom house for me and my kids which is costing me £895 pcm. I am receiving £700 p c m for my home but the mortgage is £1078 pcm. So I am £378 out of pocket every month to keep the mortgage going and it's interest only. I have a good credit rating although I have about £10,000 on credit cards which I am trying to pay off. The problem is this extra spend is killing me, I feel like I'm throwing away money. Does anyone have any solutions out there? Any ideas or advice is appreciated. :evil: Is there any help for people with neg equity or any ideas on how to solve this so that I can still get a mortgage again in the future

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sorry cannot offer any advice

 

have you tried looking arounf the mortgage forum for any similar stories?

 

Mortgages and Secured Loans - The Consumer Forums

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  • 2 weeks later...

Try multi letting your rooms rather than the house - for instance - look at the cost of a studio flat in your area, say £250? 350? and then let the rooms for this amount - so four rooms at say 300 each would bring in £1200 rather than 700. the tenant benefits from having a bigger space, the whole house, and you benefit from having extra rent coming in?

I'm a L-Plate cagger - new at all this but determined to learn as much as I can, to help as many others as I can, and to fight back as often as I can!:-x

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