Georgia O'Keeffe Posted September 7, 2011 Share Posted September 7, 2011 (edited) http://www.ftadviser.com/FTAdviser/Mortgages/Lenders/News/article/20110907/4ad306aa-d943-11e0-b3b8-00144f2af8e8/Negative-equity-could-hit-17m.jsp i thought 17 million was a bit excessive when i first read it, thats higher than my IQ FFS Edited September 7, 2011 by Tamara De Lempicka Quote Link to comment Share on other sites More sharing options...
@contradevian Posted September 7, 2011 Share Posted September 7, 2011 http://www.ftadviser...uld-hit-17m.jsp Thats terrible news...oh wait.. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 7, 2011 Share Posted September 7, 2011 I think you need to edit your title it currently reads 17 Million. That would be one hell of a crash. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 7, 2011 Share Posted September 7, 2011 Title now altered thanks I didn't think the NR had sold 17m together mortgages Although your only trapped by NE if you need to move or you lose your job. It's a pity there isn't an easy breakdown of LTV ratios outstanding. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted September 7, 2011 Share Posted September 7, 2011 Therein lies the rub of why so many feckers refuse to budge on their asking price. Quote Link to comment Share on other sites More sharing options...
Lepista Posted September 7, 2011 Share Posted September 7, 2011 Therein lies the rub of why so many feckers refuse to budge on their asking price. It's not that they "won't" necessarily - just that they can't. hance why it's called a trap, and why they will be on Rightmove for double what they can actually get for it, stuck, never selling. it's a position that would be so depressing to be in - if it were me I would be sorely tempted to just file for bankruptcy. Quote Link to comment Share on other sites More sharing options...
Cinzano Bianco Posted September 7, 2011 Share Posted September 7, 2011 What we need is more 100%+ mortgages... to get this market moving again. It`s all down to the terrible blight that is mortgage rationing, won`t someone please think of the poor home loaners! Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted September 7, 2011 Share Posted September 7, 2011 I thought it meant £1.7m on someone's house in London. Quote Link to comment Share on other sites More sharing options...
frederico Posted September 7, 2011 Share Posted September 7, 2011 isn't negative equity just equity only upside down and hence actually equity and therefore we are all rich... Quote Link to comment Share on other sites More sharing options...
leicestersq Posted September 7, 2011 Share Posted September 7, 2011 Title now altered thanks Change it back for those of us who missed the original. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted September 7, 2011 Share Posted September 7, 2011 isn't negative equity just equity only upside down and hence actually equity and therefore we are all rich... Are you Ed Balls? Quote Link to comment Share on other sites More sharing options...
leicestersq Posted September 7, 2011 Share Posted September 7, 2011 I didn't think the NR had sold 17m together mortgages Although your only trapped by NE if you need to move or you lose your job. It's a pity there isn't an easy breakdown of LTV ratios outstanding. Repossession springs the trap. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 7, 2011 Share Posted September 7, 2011 I see no problem with negative equity...all that is to be done is to repay the negative debt, then be in positive easy...debt is there to be taken, then to be repaid...sometimes it take a bit longer than anticipated. It is quite a different matter when someone can't repay their debt due to unforeseen financial problems, negative equity or not...they will have to sell and rent like the rest of the best have to....any negative is still an outstanding loan to pay. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted September 7, 2011 Share Posted September 7, 2011 I don't see any issue with neg equity either. After all most of us are in negative equity on our cars and most things we buy. Why should houses be any different? I'm really tired of hearing, that the housing market should be rigged into a perpetual money making machine for "home owners." If there were less advantages to buying there would be calls for changes to tenancy laws, more secure tenancies etc Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted September 7, 2011 Share Posted September 7, 2011 It's not that they "won't" necessarily - just that they can't. hance why it's called a trap, and why they will be on Rightmove for double what they can actually get for it, stuck, never selling. it's a position that would be so depressing to be in - if it were me I would be sorely tempted to just file for bankruptcy. I saw this happening a lot in the last house price crash. It was terrible for couples who were estranged and yet who had to continue living together because their home had become their prison. But, hey-ho, renting is dead money, right? Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted September 7, 2011 Share Posted September 7, 2011 It's a pity there isn't an easy breakdown of LTV ratios outstanding. Here's some data on my hard drive. Major UK bank exposure to high LTVs (src: BoE Financial Stability Report): Mortgages outstanding at end 2010 (src: CML): Breakdown of Lloyds LTVs at 31 Dec (src: Lloyds published accounts): So at end 2010, 13.2% of Lloyds £341bn mortgage book (£45bn) was >100% LTV, and 26.8% (£91.4bn) was 90%+ LTV. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted September 7, 2011 Share Posted September 7, 2011 Here's some data on my hard drive. Major UK bank exposure to high LTVs (src: BoE Financial Stability Report): Mortgages outstanding at end 2010 (src: CML): Breakdown of Lloyds LTVs at 31 Dec (src: Lloyds published accounts): So at end 2010, 13.2% of Lloyds £341bn mortgage book (£45bn) was >100% LTV, and 26.8% (£91.4bn) was 90%+ LTV. The purchase of HBOS was a great buy was it not? Quote Link to comment Share on other sites More sharing options...
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