Wednesday, Nov 29, 2006
HOW TO SURVIVE A HOUSE MARKET CRASH
THE INDEPENDENT: How to survive a market crash
A return to the negative equity of the early 1990s would leave home owners unable to move, unless they could cover the mortgage shortfall from savings or other reserves, or through moving to a cheaper property. They might also be unable to remortgage, if negative equity means that they would have to borrow more than even the most generous lender will offer. At best, home owners with negative equity would face a narrower choice of mortgages.
Posted by hyrax @ 12:48 PM (36 views) Add Comment
3 Comments
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1. Buggles said...
Love the way the VI's go on to say "Although a 100 per cent mortgage carries risks, a larger mortgage need not be that much riskier." (and means you end up paying us more interest)
2. Nohpc said...
Move to a cheaper property in a crash? What a stupid idea. Surely if the market crashes you should move to a much bigger property . A crash is a perfect time to jump up the property ladder as any money lost on your own property will be offset by the value slashed from your next property.
3. Eddie_lomax said...
I like the bit about people needing to touch their savings, its the innocence of it all, the sort of people who are maxed out credit wise have no savings...