Comments on: Myself and girlfriend both own property, but would like to sell and buy together… one has neg equity? http://www.sellandrentback2u.co.uk/myself-and-girlfriend-both-own-property-but-would-like-to-sell-and-buy-together-one-has-neg-equity/ Your options for selling your property and renting it back Wed, 08 Sep 2010 23:05:17 -0400 http://wordpress.org/?v=2.8.1 hourly 1 By: Steve B http://www.sellandrentback2u.co.uk/myself-and-girlfriend-both-own-property-but-would-like-to-sell-and-buy-together-one-has-neg-equity/comment-page-1/#comment-32 Steve B Fri, 05 Mar 2010 18:16:00 +0000 http://www.sellandrentback2u.co.uk/myself-and-girlfriend-both-own-property-but-would-like-to-sell-and-buy-together-one-has-neg-equity/#comment-32 They don't care about neg equity or whatever .. They will look at your income and outgoings (at the time you apply for the Mortgage = so I suggest sell up and get in a Tenant BEFORE asking about a another Mortgage).. They will subtract the existing Mortgage payments from your income to end up with a 'net' income .. and then offer you a Mortgage based on that... I would expect a max. of about 3x your joint net income would be available .. Your Credit Rating will not be high, but the fact that you are both working and paying off the arrears will help (you might what to start with your existing Mortgage supplier .. they may be more sympathetic since they know your history) .. even so, do not expect to get an offer for more than 75% LTV and do not expect to get the best deals .... They don’t care about neg equity or whatever ..

They will look at your income and outgoings (at the time you apply for the Mortgage = so I suggest sell up and get in a Tenant BEFORE asking about a another Mortgage)..

They will subtract the existing Mortgage payments from your income to end up with a ‘net’ income .. and then offer you a Mortgage based on that… I would expect a max. of about 3x your joint net income would be available ..

Your Credit Rating will not be high, but the fact that you are both working and paying off the arrears will help (you might what to start with your existing Mortgage supplier .. they may be more sympathetic since they know your history) .. even so, do not expect to get an offer for more than 75% LTV and do not expect to get the best deals ….

]]> By: pittyakker@btopenworld.com http://www.sellandrentback2u.co.uk/myself-and-girlfriend-both-own-property-but-would-like-to-sell-and-buy-together-one-has-neg-equity/comment-page-1/#comment-33 pittyakker@btopenworld.com Fri, 05 Mar 2010 18:16:00 +0000 http://www.sellandrentback2u.co.uk/myself-and-girlfriend-both-own-property-but-would-like-to-sell-and-buy-together-one-has-neg-equity/#comment-33 How about renting out or selling the profitable house and living together in the neg. equity house? then you can sell when prices go up again How about renting out or selling the profitable house and living together in the neg. equity house? then you can sell when prices go up again

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