Can I still get a mortgage if my property is in negative equity?
There were a huge number of interest only mortgages taken out between 2004 to 2008 before the housing crash. A lot of these homeowners are now coming to the end of their mortgage term and have no way to repay either their mortgage in full or even the negative equity to “break even” and walk away. This is a shocking situation caused by very light regulation, an inflated property market and exceptionally cheap money to borrow at that time..
If your mortgage term is coming to an end but you find yourself in negative equity what can you do?
You may be able to re-negotiate with your existing lender to repay some or all o your mortgage in an affordable way over a longer term. We have helped 100s of customers do this by negotiating on their behalf.
You may be able to sell your current property, achieve an affordable settlement for the negative equity balance and buy another property, if your affordability allows you to.
If either of these situations are familiar feel free to get in touch. We’re very approachable, knowledgeable and if we can’t help you, we’ll try to direct you to someone else that can.
What is the next step?
Negative Equity UK (part of the CD Fairfield group) is authorised and regulated by the FCA to review, advise and represent UK property owners in relation to mortgage debt. We have completed over 3000 case reviews, advising homeowners and landlords from every walk of life. If you are looking for a negative equity mortgage re-negotiation why not tap into our experience today and see how we can help you? Call us on 0161 660 4403