20 Jun, 2019

Can I Switch my Mortgage if I’m in Negative Equity?

Unfortunately it is not possible to Switch when in negative equity, unless you have savings to reduce mortgage balance of a gift from relatives. Negative equity occurs when the property market and house values drop so as property prices rise it is possible the Loan to Value ratio narrows and people’s homes will start to become higher in value than the loan they owe, opening up remortgaging opportunities in due course. Likewise as the loan is repaid over time and the amount of loan owed reduces then depending on fluctuations in the value of the person’s home it may be more likely that the loan to value ratio will reduce.

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