Property Advice

[fitzpatrick2362]

I was looking for some advice on my Property.

I bought my house in the Summer of 2007- Just before the bubble burst. A 3 bed end terrace.

My girlfriend and I stretched ourselves to get the house we are staying in.

The problem is that we no longer want to stay there for given reasons.

We put a 10% deposit on the property which has been wiped off and are in negative equity, I believe.

I was hoping that you could give me an opinion on a few options.

1. My mortgage company will give me a smaller mortgage to buy a flat, for instance, and I could rent my current property out.

2. I could sell the house and cut my losses and have no savings but possible get one of those shared equity schemes on new house.

3. Rent my current property out and rent another property for a while, somewhere were we wold like to stay.

4.Sit tight(not an option).

[brian]

Have you already spoken to your mortgage company about this? Simply that with lending being tight, a lender may not be keen on you running a rental property on negative equity on a top of a new property.

[investment]

all I can say don't sell wait 6 month hopefully then will be better

[chris1977]

As your already a home owner the shared equity scheme is virtually out of the question, as it was setup for first time buyers and key workers, so unless you are a key worker, sorry mate.