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Thread ID: 99525	2009-05-05 08:37:00	Mortgage question.	pine-o-cleen (2955)	PC World Chat

Post ID	Timestamp	Content	User
771280	2009-05-06 07:48:00	My Girl friend is a bank manager and now I will let her type... You need to look at the current market value of the property (as in most areas of the country these have reduced over the past 12 months) if you are wanting to work out the current equity of your property and then also make an allowance for real estate commissions which would be deducted from the sale proceeds. So current market value, less mortgage/loan balance, less real estate commission, equals funds that you would have to put towards your next property purchase. Yes, banks are as a rule only lending to 80% of the purchase price/current value of the property, however these are constanlty under review by the banks to meet the current financial market, so may just be a wait and see what happens. Another option would be to retain your existing property and rent this out and hopefully this would be enough to cover your existing mortgage payments move to upper hutt and rent a property there and wait for the market to recover and the banks to change their lending policies then look at selling and rebuying. That was really helpful, Some good ideas that we hadn't considered.	pine-o-cleen (2955)
771281	2009-05-06 12:33:00	:eek: Why would you wanna do that????? Pretty good place actually, some very exclusive areas, and only 20 minutes away from wellington. Local shops are ok too, and free parking everywhere. We own a property in the Wairarapa, and places simply aren't selling at the moment, there are places that have been on the market for over 1/2 a year, even longer. I think part of the problem, is that people are asking too much, but they may have also paid too much when they purchased it. I went to a open home in the weekend, andthey were asking for offers over 400k. The agent said that the owners had purhcased it for nearly 500k only a few years ago during the boom. However they would be lucky to get 350k for it in todays market, due to its poor condition.	robbyp (2751)
771282	2009-05-06 21:26:00	Another option would be to retain your existing property and rent this out and hopefully this would be enough to cover your existing mortgage payments That's fairly unlikely. You have to take into account rates and insurance too as well as the mortgage. Unless you have a fairly low mortgage rent won't cover it. And then there's the hassle of what happens when tenants leave and the gap between them and the new lot moving in. And what happens if they don't look after it too. Research is needed in this scenario.	pctek (84)
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