Uncle Spielberg
Well-known member
Much they won't get an SVP or any mortgage, if they property is worth 200k and they need to borrow 250k to clear their old mortgage. That's why 100% and over mortgages at a time the market was over priced, was boarding on criminal.
Your not getting it. Even if the property is now worth less than the mortgage with their present lender they will go onto the SVR. They do not have to find any shortfall. Its called negative equity.