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Mortgage and secured loan giving me negative equity


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Hi,

 

I have just successfully completed an IVA and I now want to focus my attention on the secure loan that is attached to my property . This could not be included in the IVA due to the charge on my property.

 

Details:

 

45k secure loan plus

140k mortgage equals

185k debt.

 

House worth £160k

 

25k approximate negative equity.

 

I want to be out of debt as quick as possible ie. get rid of the secure loan. I do not see a mortgage as debt as long as I have equity in my property.

 

I would also like a bigger house for me and my family - have 3 kids now and had only 1 when we first moved into the house.

 

I have never been in arrears and I am not struggling with payments. However there is no room for luxuries like a holiday aborad per year etc.

 

I am considering selling up and renting a family members house. Do not at the moment even know if this is an option.

 

I would just like some guidance / thoughts on options that may be open to me.

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