Mortgage debt is higher than the value of the home
The figures show that 800,000 are now “under water”. This means that the mortgage debt is higher than the value of the home. If you are not moving around with relocation plans, this is of course no problem. If you are on the move with relocation plans, a residual debt may still be in your way.
Check how large the residual debt
It is important to first check how large the residual debt is, this is of course difficult to estimate because you are not sure what the selling price of the property will be. You can get in touch with a broker about this who should have a reasonable picture of the market in your area. If you know what your residual debt will be, you can take measures.
If you are moving to a rental property you can apply for a loan to cover the remaining debt. Your adviser can go over the credit types with you and advise you what is best for you to ensure that the residual debt can be reduced in the most responsible and appropriate way.
If you are going to buy another house, it may be possible to co-finance the remaining debt, you must of course have a good look at the tax advantages and disadvantages. This is possible in consultation with a mortgage adviser, it may be a good idea to contact a financial adviser well before the sale so that you can be properly informed about your (im) possibilities.
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