Aibu to be annoyed that we can't get a help to buy mortgage because of negative equity

[Purplepoodle]

We have a home which is in quite a bit of negative equity, it's really too small for our family and we need to move. We have saved a 5% deposit (that's took us two years to save) but the only 4 bed properties in 10 miles of where we live are new builds which require a 20% or more deposit.

We found that we can't take in the governments help to buy scheme as we would have to rent out our current home as even if we sold the negative equity outstanding would be to great for us to get a mortgage for a new house.

I know I'm probably being unreasonable as we are lucky to have a home ect but renting out our old home wouldn't make us a profit, it would barely cover the interest only mortgage and we would only hold onto it until house prices come up so we could sell.

I just really want to move

Yabu I'm afraid - we've been there - saved like mad, bought a slightly better (definitely not dream home material) house and make do. I made a silly decision to buy my first house with a 100% mortgage then it bombed. Was just tough really.

You are also a bit unreasonable to look at houses you can't afford. Pissed me right off if i'd cleaned, tidied and made myself available to show someone round my old, negative equity house when it was obvious they weren't anywhere near a position to be able to buy it! Grrr!

Maddening

That's it. The stuck feeling, like all your choices have been taken away. Since the crash we have ignored the negative equity as it's around 40k which just seems insurmountable.

Iv now realised we need to be proactive and start chipping away at it so I organised a repayment vehicle. It will take us 8 plus year just to pay off the negative equity but we have made a start.

BobPatSamandIgglePiggle - only houses we have looked at have been show homes that have set opening times on a weekend

Can you go into the loft or anything?