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mortgage problem!!

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hey my partner bought her house 5 years ago and now she has moved in with me. the problem is we got it valued last week and it has been valued at less than the amount of what she actualy owes on it. W… Read More
fulkontakt Avatar
6y, 8m agoPosted 6 years, 8 months ago
hey my partner bought her house 5 years ago and now she has moved in with me. the problem is we got it valued last week and it has been valued at less than the amount of what she actualy owes on it. We not sure what we do now? Do we sell it for less and then owe the mortgage company or what happens can anyone please help with this?
fulkontakt Avatar
6y, 8m agoPosted 6 years, 8 months ago
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Comments/page:
#1
Let it?
#2
Rent it out to cover the mortgage
banned#3
move into her place and sale yours
banned#4
As others have said, rent it out.
Was it an estate agent valuation? If so knock another 10-20% off to get an accurate value, and if you want a quick sale another 10% on that unless it's in a very desirable area with no other similar properties locally.

To get a better idea check rightmove, see what similar properties are currently for sale in the same / surrounding postcode area's, then check http://www.houseprices.co.uk/ to see what they have actually sold at, then you will get a proper valuation.
banned#5
keep it what ever you do for now ,prices will go up,dont take the hit!
#6
change the mortgage to interest only and rent it out until the value increases
banned#7
yep^^^^^
#8
Mmmm.. As far as I am aware from
Personal experience you cannot let out on a interest only mortgage, you can keep your existing mortgage but ask for a consent to lease allowing you to rent legally for up to three years I think. Your rate will go up but if things don't work out you stil havent lost anything at the end. The cheap option is not to tell them at all although not legit a lot of people do it ;-). The buy to let mortgage option is a possibility although your rental income will have to cover the mortgage at 125%. hope this helps.

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