GE Money - Negative Equity

[Colinr1983]

I have a mortgage with GE Money and at recent valuation am 16-18000 in negative equity. I need to move as it's only a 1 bedroom flat and we recently had a baby. I have tried to speak to them and all they say is I have to put a proposal to them in writing. I would either be looking for consent to let or ideally sell and agree to pay back the shortfall preferably by monthly payment if possible.

Has anyone else managed to agree this with them as so far they've been far from helpful. Thanks in advance.

[enquirer]

Re: GE Money - Negative Equity

It is unlikely that they would agree to a sale and then to repayments on the shortfall. From their point of view, the asset is gone, and they have little chance of getting the remaining money.

Letting may therefore be the only viable option. Sound out the local market, draw up a business plan (how much income it will generate, and so on), and submit that to them.