In negative equity and on a variable rate

silvercar

More likely one of these:

https://www.rightmove.co.uk/house-prices/m26.html?country=england&searchLocation=M26

I can see a few flats that were new around 2006 and now have sold for less eg  137,950 dropped to 115k, another 99,950 dropped to 86k. There are also many that increased in value across the same timespan.  It may be worth holding on- it's not a bad area and has a mixture of properties rather than being a city centre location overrun with flats.

mi-key

What a horrible position to be in    How much negative equity do you have? It may be better to just get rid of it. As you aren't working the mortgage company can't really come after you for anything yet. Hopefully if you get back into work then you can sort out a payment arrangement with them that you can afford. 

At least it would be one worry out of the way for now and wouldn't build up any more immediate debt, and you could worry about when you are back on your feet and in a better position

alanyau88

Get a job?  Even if it means stacking shelves all day?

silvercar

In hindsight the time to walk away was probably when the problems first started. After 12 years it would all be behind you. Now being in your 50s is possibly the time to hold on. New builds lose value disproportionately, a 15 year old flat already has the not-new pricing in its value.