Negative Equity... Do we have ANY options.
In Scotland. To try and be brief: boyfriend purchased a 1 bedroom flat in 2014 for £100,000. We have both lived in the property since then and subsequently got married.
Same 1 bedroom flat is now valued at approx £45,000 - £50,000 with £74,000 remaining on the mortgage. We desperately need to move - we outgrew the place years ago but stayed but until our careers stabilised but now enough is enough. We cannot start a family as there isn't even room for a cot, let alone all the other things a baby needs, we cannot get a dog as we have no direct garden access etc. It is really hindering our ability to move on with our lives as adults.
But, we are stuck. As far as I see it our options are:
Stay here in this miniscule hell hole that is worth 50% less than what it was bought for and have to keep spending money on repairs, maintenance etc and eventually die from despair in it
Save up approx £30,000 to pay off the negative equity, plus another £20,000 deposit for a new property, plus solicitors fees etc etc. This will take years and years, by which time all my eggs will be dead anyway
Buy a second property, save deposit, solicitors fees plus Additional Dwelling Supplement (will also take years) 😡 and be on the brink of financial peril forever more due to the financial responsibility of two mortgages, two lots of council tax (possible at double rate??) etc should any of us lose our jobs, get sick etc
None of these options are sparking joy, so genuinely is there anything I have missed or failed to consider?
Sorry that was way longer than I anticipated!