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BBC - Negative Equity, have your say.
tomstickland
Posts: 19,538 Forumite
Comments
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The pictures at the bottom of this article people dying from malnutririon and areas devastated by natural disaters do put this all into perspective somewhat! Maybe its not so bad having to get the bus or putting in a bit of overtime0
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tomstickland wrote: »
Was listening to the radio (BBC) at lunch and they had some 'expert' on saying "Don't worry, just hold on for a few years until prices are up again" ....... :rolleyes:
Yeah, no problems. I'm sure everyone can afford to keep paying the mortgage indefinitely on a place they are only holding on to because selling it would leave them without enough money to clear the balance of the debt they took on to buy it. And there's certainly no danger of a change in personal circumstances occurring whilst they wait for the market to pick up (they could be waiting some considerable time, based on the evidence).
Where do they get these cretins from? Why doesn't the media just tell it straight instead of feeling the need to imbue every story with some sort of comforting, 'feel good' element? Do the public want to be deluded by the people who are supposed to be informing them?--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Its actually the media causing the gloom element in the first place.
we are not talking millions of people, we are talking just over 20k or less than 1% of house owners! Hardly time for panic is it!
They are right prices will rise again, and although it will effect some people who cannot afford their payments or their situation's change, the vast majority of people could just sit tight and within a few years be back to "normal".0 -
!!!!!! are you on about ?
Unless they ACTUALY need to move, this will effect none of them. If there is a change in circumstances and unable to keep up repayments, they would be in pretty much the same position, regardless of the negative equity. At present, its a tiny portion of home onwners 'affected' and even smaller that are going to run into problems.
Media Hype.0 -
!!!!!! are you on about ? Unless they ACTUALY need to move, this will effect none of them. If there is a change in circumstances and unable to keep up repayments, they would be in pretty much the same position, regardless of the negative equity. At present, its a tiny portion of home onwners 'affected' and even smaller that are going to run into problems.
Media Hype.
Not according to Phil (link), he says "It is negative equity which forces home owners to sell".
He's a property expert, so surely he must be right. :rotfl:0 -
!!!!!! are you on about ? Unless they ACTUALY need to move, this will effect none of them. If there is a change in circumstances and unable to keep up repayments, they would be in pretty much the same position, regardless of the negative equity. At present, its a tiny portion of home onwners 'affected' and even smaller that are going to run into problems.
Media Hype.
Really - so being in debt to the tune of tens of thousands pounds more than your assets is nothing to worry about? :rotfl:
And they're in no different a position to anyone else if there is a change in circumstances? Except that anyone else with a change of circumstances can sell up to repay their mortgage or move elsewhere with equity to take on to their next house. :rolleyes:
Please remember to think before you post.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
!!!!!! are you on about ? Unless they ACTUALY need to move, this will effect none of them. If there is a change in circumstances and unable to keep up repayments, they would be in pretty much the same position, regardless of the negative equity. At present, its a tiny portion of home onwners 'affected' and even smaller that are going to run into problems.
Media Hype.
agreed as you say makes no difference if you are not moving.i am new to this investing business and value peoples experience/opinions as a learning tool - thank you0 -
Really - so being in debt to the tune of tens of thousands pounds more than your assets is nothing to worry about? :rotfl:
And they're in no different a position to anyone else if there is a change in circumstances? Except that anyone else with a change of circumstances can sell up to repay their mortgage or move elsewhere with equity to take on to their next house. :rolleyes:
Please remember to think before you post.
why is it something to worry about? 6 months ago it may not have been the case , ok it is now the case in certain areas but in a nother 6-12 months house prices may be up again (ok i'm sure you think they wont be and maybe they wont) but do you actually know? i dont and i dont beleive anyone does.
Quite simply if you dont need to move then dont, if you do then as you say then yes you are affected i totally agree with that.i am new to this investing business and value peoples experience/opinions as a learning tool - thank you0 -
why is it something to worry about? 6 months ago it may not have been the case , ok it is now the case in certain areas but in a nother 6-12 months house prices may be up again (ok i'm sure you think they wont be and maybe they wont) but do you actually know? i dont and i dont beleive anyone does.
Quite simply if you dont need to move then dont, if you do then as you say then yes you are affected i totally agree with that.
Is finding yourself tens of thousands of pounds in debt with no assets to show for it a good thing or a bad thing?
Is running the risk of reposession and bankruptcy should you be unable to meet mortgage payments a good thing or a bad thing?
Is facing the above consequences should you lose your job a good or bad thing?
Is being unable to sell your house should you want/need to a good thing or a bad thing?
Good grief. Do you have any idea of what it's going to be like in negative equity, in an economic recession? :rolleyes:--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Same old crap from !!!!!!?
It's all 'what if this happens' and 'what if that happens' with him, but you can say that about anything in life.
At the end of the day, most people will be able to sit tight in negative equity for a few years until prices slowly recover - and they will - everyone knows it.0
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