What is negative equity?
To put it simply, negative equity occurs when the size of your mortgage is bigger than the value of your house.
This occurred in the early 90's after the last house price crash and people who bought leading up to the peak were left with negative equity for years to come.
An example of negative equity:
House is valued at £100,000
Mortgage on the property is £150,000
Amount of negative equity is £50,000