equity

[garf123gsd]

good afternoon to you all,
this is my first time so please bare with me.
basically i am going to sell my house and i need to get �113,000 to clear the decks so to speak,obviously for more would be good.
can anyone tell me what i can do if it sells for less,is there any way that i can make up the difference to get the mortgage that i need,i was curious from a safety-net point of plain english view.
all help much appreciated cheers garf

[buildersmate]

Welcome to the world of AB, we'll see if we can help, if we can. Are we to assume you want to raise �113k to clear your existing mortgage and maybe other debts by selling your house? If it were to sell for less, you would still have a debt to someone. But what new mortgage are you then hoping to set up?

[dans1977uk]

If you need to clear all of your existing finance in order to be able to borrow enough to purchase your new home, should your house sell for less than �113,000 you could approach Northern Rock, or Mortgage Express both of whom offer mortgages for up to 125% of the property value. For example, if you were buying for �150,000 but needed to clear an extra �10,000 of debt, you could perhaps borrow �160,000. Have a read on N Rock's website about their "Together" mortgage. Be aware though that unless you put down a deposit on your new house the interest rate you pay is likely to be significantly higher... and whatever you do don't choose a mortgage with "Higher Lending Fees" (used to be known as Mortgage Indemnity Premium / Guarantee) as this is money for old rope as far as you're concerned.

[garf123gsd]

thanks to you all for your much appreciated help and advice,this has allayed a lot of fears of mine and i dont feel so ashamed now,you know how it is some people can be quite judgemental upon first impressions cheers garf