Are you living in negative equity?

[Goochie]

Further to the house price thread, I thought it would be interesting to see how many people are in negative equity. Generally its not too much of a problem so long as you can afford your repayments and dont want to move - If anything it prevents people taking out silly second mortgages to fund a lifestyle they cant really afford.

With house prices falling rapidly around us, I think I will be in negative equity before the year is out - we've had our house just over 2 years with an 80% mortgage (at the time be bought).

[Fivepercent]

Someone with an average house and a 911 is losing £6K+ a month. And it is going to get a lot worse through the winter. Lots of people are heading into negative equity a lot faster than they realise.

[Digga]

No, I live in an caravan in Staffordshire.

ETA and it doesn't have a Por(s)ch(e).

Edited by Digga on Friday 5th September 12:37

[Hoppy2008]

Fivepercent said:

Someone with an average house and a 911 is losing £6K+ a month. And it is going to get a lot worse through the winter. Lots of people are heading into negative equity a lot faster than they realise.

Ive got a 911.
But my house is higher than the average price.
Phew.

[Jem0911]

No,
I am not selling, equity or not plan to live there for at least another five years.

[patmahe]

House is in very slight negative equity, if its fallen by the average since we bought it. Approx 5k but as we dont intend to sell anytime soon it doesn't really matter.

[ascayman]

bought my house 3 years ago.

70/30 in favour of the bank now.

[paolow]

i cant tick any of the boxes - i bought less than a year ago and im not in neg eq...
(im not deluded either)

[Planet Claire]

Yep, probably. I bought my flat this time last year, right at the height of the market. A flat around the corner to mine has just gone up for sale at £20k less than what I paid for mine. That's my equity gone .

Which isn't a problem in the long term as I'm not planning on moving in the near future. However, when my fixed rate expires next year I'll struggle to change companies for a better deal as I'll no doubt be then looking for a 100% (or more) mortgage, and they won't be many of those lenders about.

[Rob P]

Dont know, guess I am.

80% loan on a £190k flat in SE London 2 years ago. Recently got the freehold for nothing so that could help if there was any buyers out there!

[Jinx]

I rent - the ex got the house (I'm quietly hoping the bottom falls out of the market for just that one property )

[funinthesun]

Rob P said:

Dont know, guess I am.

80% loan on a £190k flat in SE London 2 years ago. Recently got the freehold for nothing so that could help if there was any buyers out there!

SE?

just interested...

[sleep envy]

no, mortgage is at 40% LTV

[Digga]

Jinx said:

I rent - the ex got the house (I'm quietly hoping the bottom falls out of the market for just that one property )

I ate all the property pages from our local free papers last night. Will the market fall out of my bottom?

[mechsympathy]

No idea, don't know what the house is worth. We bought 2 years ago but had equity from our old house, and we've done a lot of work.

[Davi]

mickken said:

Once again it seems to be that everyone on Ph seems to be a millionaire!!

or prudent, or has zero disposable ensuring they don't face a problem with this sort of thing. Little or no mortgage isn't an indicator of wealth.

If I go into negative equity I think we can safely say that 90% of the UK is utterly fked and it'll be the least of my concerns.

[Neil_H]

OH JOY!!!11 It's another house price thread!

[Raffles]

mickken said:

Once again it seems to be that everyone on Ph seems to be a millionaire!!

Or the country isn't in the bad shape everyone here is saying it is in.?...

[Swilly]

patmahe said:

House is in very slight negative equity, if its fallen by the average since we bought it. Approx 5k but as we dont intend to sell anytime soon it doesn't really matter.

The best laid plans......

[Vee]

thegavster said:

My friends bought a flat in SW London on a 100% mortgage in September last year.

I suspect they're rapidly heading deeper and deeper into negative equity

You don't have to sound so happy about their misfortune.

We're now around 75-80%. A year ago it would have been 65-70%.