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Classic Negative Equity Situation.....

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That was really interesting in a shocking kind of way. There's another poster further down who will be in a terrible mess but in two years time. His subprime deal goes to 3% above standard then and he only bought 2 years ago. And then the icing on the cake - his sig lists all the stoopid AV gear he's got that must have cost severe grandage! Oh dear.

That board seems to the home of the MEWed up Plasma club. Bet their SUV values are falling off a cliff too. Feel very sorry for them - they took what seemed to be reasonable steps at the time - no one told them better - and they are either going to have 3 jobs to pay it all off or they're going to walk away with £50-£80k debts. What a nightmare.

:o

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No expert here but this is what I'd do...

I'd take out a personal loan of say £25k (max personal loan) which I'd repay over 5 years at £500 per month. Use the £25k towards my mortgage so I have positive equity and then look to get a more favourable mortgage deal.

Obviously this would only work if the gap between your positive and negative equity is equal to or less than £25k. You still have an extra £500 to pay but at least it's only short term.

You could ask your lender to see if paying off £25k would make a difference to the rate/deal you'd get. Just a thought...

La La Land is were I need to be :lol:

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The simple answer is to wait.

At the moment the drop in house prices is far less drastic than it was in the early '90's. And most people then found that it was only a few years until prices bounced back enough that they were only in negative equity.

The amount your house is worth is only a worry if you need to sell it or can't afford the mortgage due to redundancy, or some other reason.

Fortunately, unemployment is less than half what it was then, and interest rates are nowhere near what they were then either.

Of course, the situation may change, but that's where we are now compared to the last time.

Steve W

I've been the one to party

Until the end

Looking for the afterparty

to begin

I'm going down, to, La la land

I hope to see you soon in, La la land

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

Now I need to go

Who's gonna give me a ride to the after show

I hope that I have enough change

So I can make my brain rearrange

I'm going down, to, La la land

I hope to see you soon in, La la land

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

Oh, what have I done

What happened to the morning

I passed the time away

High today

I got to find a way to fill the space in time x8

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

La la land

Is where I need to be

La la land

Is the place that, oh, sets me free

Something 'bout those little pills

Unreal, the thrills, they yield, until

They kill, a million braincells

La la land

La la land

La la land

Braincells

Oh

Has anyone seen my brain today, hey

Can anyone pay my rent today, hey

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Guest KingCharles1st

Repayments going up by 600 QUID A MONTH!!!

Holy mother of jesus- begorrah- etc

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Interesting thread over at AVForums about negative equity:

http://www.avforums.com/forums/showthread.php?t=794565

This is eye-opening, a real sh*t storm is about to hit. They talk about getting 2nd jobs or doing loads of overtime, in a contracting economy where unemployment is going up? It's a vicious cycle too, the more people in that situation means more distressed sellers that depresses the market further and increases the negative equity.

Negative equity gives you a terrible 'feel bad' situation.

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Everybody on there thinks that it will be like the last time and all they have to do is hang on until prices rise back towards what they consider "normal" so they will no longer be in negative equity.

But last time, there had not been a bubble!

Unless rampant inflation occurs, house prices will become pegged at roughly 3 times earnings and not rise to 2007 prices

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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