How many people pulling out?

IveSeenTheLight

wymondham wrote: »

Whilst true, I think too many people are glossing over it and dismissing negative equity as something that wont effect them as they don't plan to move for X years. Personal circumstances change, and sometimes very rapidly and unexpectantly!

It should be everyones intention to avoid negative equity risk if possible as if you cannot sell your house when you have to it can cause real problems and can be financially crippling - often at the point when you are most vulnerable....

I can understand and agree with this.
Everyone should follow MSE's advice and pay off any debts as soon as possible, including mortgages

One thing that can be done if you can't sell your home, is to talk to the lender.
If struggling with payments, they can re-structure the mortgage to allow for reduced payments (changing the amortization period) of if you have overpaid in the past, allow payment holidays.

don't stick your head in the sand, be open adn honest and discuss the problem with views on how to resolve

jpno12

IveSeenTheLight wrote: »

While I can agree with much of your post, the above is slightly incorrect.
You need to consider the mortgage interest as you are paying this without seeing it again similar to rent

If you are renting less than the mortgage interest would be and prices are dropping then you are better off renting

Wouldn't disagree with that - it's just how you perceive renting vs home ownership and what your ultimate ambition is.

dmaudsley

LittleMissAspie wrote: »

Since this thread has been dredged up from last August, I'm curious. How much have West London prices dropped by? Anyone know?

Well, the property we've had an offer accepted on in W4 went on the market earlier this year at £299k - we're buying it for £225k