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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?

Asked on Feb 24 2013, Selling in West Calder | Report content

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