I took out a 100% mortgage with Northern Rock. After a recent valuation of my property I've been told its now worth less than what I took the mortgage out for. Am i able to remortgage when I have negative equity?

Any advice would be appriciated.

im totally in the same boat as you not sure where we stand. My fixed rate is running out in june with northan roc. Im hopeing that now the _base_ rate has dropped to 1% then i should be better off when my fixed rate runs out as it should go down to nearer the _base_ rate. No one seems to know the answers tho. i abviously want to get the best rate possible but if my house isnt worth want my mortage is then i dont know where i stand. Most companys are looking for a 20-30% deposit now but im not sure if thats for people whithout a mortgage or if that applys to people like me as well. please can someone give any advise xx kate

If you are in negative equity, you are unfortunately unable to remortgage.

However, with Northern ROck I believe you will revert to their Standard variable rate which is currently 5.34%. This may well be lower than your original deal.

As for how to get out of the neg eq situation.

Perhapy try to overpay as much as possible once the rate comes down and your regular repayments reduce.

I would always suggest talking to a mortgage broker if you want to discuss things in greater detail.