Considering a part exchange but what if the offer is less than the outstanding mortgage?
I bought my house 5 years ago for £90k, the mortgage was for £85k. Due to work I'm looking to move however looking at the houses on the market in the area, there would be a loss with most being valued around the £70k mark and some going on the market for less than that obviously looking for a quick sale. So I'm looking at getting a new place with a partner so it would be a joint mortgage this time, we're looking at part exchanges due to timelines. Between the 2 of us we make over £50k a year so if we didn't have to get rid of a property we would have been alright! Does anyone know how it would work if the current property value is less than the outstanding mortgage?
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