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T O P I C R E V I E W
jo07
Posted - 26 October 2009 : 14:44:28 hi just want to make sure of my figures.had house valued for 250000.our mortgage is 237000 with another secured loan for 24000.these are the settlement figures.does it look like or will have no interest as we are well into negative equity so hopefully allow us to buy interest back thanks
3 L A T E S T R E P L I E S (Newest First)
In 2 Deep
Posted - 27 October 2009 : 20:09:50 Hi jo,
You are in negative equity, and in theory the OR will allow you to buy back the beneficial interest for £1 plus legal fees. However a caveat! It will be dependent on your % of income that goes towards your mortgage. If more than 40% + the OR could say well you can rent for somewhat cheaper thus realising more return for your creditors, and insist you move house. This is simplifying things so please ensure you take expert advice from the experts who post on this forum.
Gd luck
quote:Originally posted by jo07
hi just want to make sure of my figures.had house valued for 250000.our mortgage is 237000 with another secured loan for 24000.these are the settlement figures.does it look like or will have no interest as we are well into negative equity so hopefully allow us to buy interest back thanks
Treat EVERY Penny as a prisoner.
gettingoutofdebt
Posted - 27 October 2009 : 18:29:40 If those are the correct figures then you are in negative equity and should be able to purchase the BI.
