Are you hit by evaporating equity? Poll discussion

klane

kopicbloodaxe wrote: »

Sounds right, outstanding amount is just over a third of the value of the house.

Whereas I am at -30%. That's right - negative equity of approx 30% of the value of my house. I'm so glad I bought my house early last year with a Northern Rock mortgage and borrowed more than the house was worth to sort out my other debts. Since then the gap has just widened instead of shrinking as I'd hoped it would.

Yes, I think that makes me "the greater fool".

I am sooo looking forward to June 2009 when my intro offer ends and I have to find a good deal somewhere.

I am in the same situation... it was £300k and is now worth £250k, and my fixed offer ends in April, also with Northern Rock. To complicate matters, my husband and I have split up recently, so I'm now having to try to manage it on my own too. What a mess.

kitaj

buxtonrabbitgreen wrote: »

I feel really sorry for anyone who has bought in the last couple of years. I am not the GF but only because I bought the house nearly 20 years ago and have never been one of the "must climb the ladder brigade" 2 of my kids are in neg equity now. It wasn't so bad when I bought my house one tended to have a mortgage that was fixed for the life of it. But with all these 2-3 year deals a lot of people will be in trouble when they run out.

Thank goodness for some common sense....houses are for living in - we've all been misled into thinking that they're investment opportunities and perhaps for the very wealthy they are. But for ordinary mortals like me they are where I live, bring up my kids, laugh, cry and host births marriages and funerals. We need to stop being conned about all these so- called investments and get on with living our lives - how many times does it all have to end in tears before we learn this important lesson?