Thist is going to sound like a daft question to the more savvy members on the forum, however if you don't ask you'll never know. I have a two bed property in the East Midlands that i purchased for £99,950 at the back end of 2006 when house prices were at their peak. I borrowed over and above the full purchase price as i wanted to furnish the house out. I took out a Northern Rock together mortgage for £105k consisting of £95k secured loan and £10.5k unsecured loan. In the current climate I believe my house is worth around £92k as my neighbour has recently sold an indentical property for this amount.

The togerther mortgage I believe is portable to another property so the question I have is what would the implications be if I were to sell my current house and port the mortgage to another property? Is the full amount of the mortgage portable or is it just the secured element? As you can see I am novice to all of this and don't really fully understand the impact of going into negative equity. I would appreciate somebody's thoughts on this and some possible suggestions for being able to work around this. Or is it just a case of sitting tight, waiting for the housing market to recover and saving up a chunky deposit in the mean time?

Many thanks