We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
BBC - Negative Equity, have your say.
Comments
-
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.
The next few years are going to be entertaining in a 'watching a train crash' sort of way :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 -
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:
He is a bell-end, and don't get me started on her.
It's interest rates and the sad realisation that you cannot borrow against your home anymore that causes home owners to want to sell, of course by that stage it's too late.
Interest rates are still low.0 -
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.
It's not as black & white as that, is it :rolleyes: .
The first two 'case studies' in the article illustrate the main flaw with your "black & whiteness" : remortgage time. One bloke's having to find an extra £200 a month from somewhere on his new deal.
Even if he can afford that it's far from being the end of the problem. Continuing rising costs of day-to-day necessities will quickly make finding that extra £200 a month a lot more difficult and employment is already hitting the deck in some sectors which will just compound the problem even further.
Simply put, the "I'm not planning to move so negative equity won't affect me" prattle just doesn't hold water.
Rob0 -
If watching people lose their homes is entertainment to you, then enjoy. But I guess some must suffer for you to gain.
Been sucking on a lemon, Dan? why are people losing their homes when the rates haven't gone up? do you mean that they have secured further advances against them??
If things haven't changed then as unpleasant as a loss of equity is, then if they were happy with that great big house in the first place, they should still love it now. Seems quite easy to me.0 -
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:
no none of them are a good thing but likewise they are not that bad either providing you dont need to sell your house.
with regards to the train crash comment maybe you need some help
i am new to this investing business and value peoples experience/opinions as a learning tool - thank you0 -
It's not as black & white as that, is it :rolleyes: .
The first two 'case studies' in the article illustrate the main flaw with your "black & whiteness" : remortgage time. One bloke's having to find an extra £200 a month from somewhere on his new deal.
Even if he can afford that it's far from being the end of the problem. Continuing rising costs of day-to-day necessities will quickly make finding that extra £200 a month a lot more difficult and employment is already hitting the deck in some sectors which will just compound the problem even further.
Simply put, the "I'm not planning to move so negative equity won't affect me" prattle just doesn't hold water.
Rob
Of course there will be exceptions, but the majority of people that are effected by negataive equity will have no problem sitting it out - and that's what they will do.0 -
It's not as black & white as that, is it :rolleyes: .
The first two 'case studies' in the article illustrate the main flaw with your "black & whiteness" : remortgage time. One bloke's having to find an extra £200 a month from somewhere on his new deal.
Even if he can afford that it's far from being the end of the problem. Continuing rising costs of day-to-day necessities will quickly make finding that extra £200 a month a lot more difficult and employment is already hitting the deck in some sectors which will just compound the problem even further.
Simply put, the "I'm not planning to move so negative equity won't affect me" prattle just doesn't hold water.
Rob
ok so thoretically i bought my house say last january (2007) for 200k my mortgage is 1k a month, my house is now worth 150K i dont need to move there are no real signs of a recession, how does negative equity affect me? i agree it does affect some people but its not the worst thing in the world surely as long as you can still afford to pay your mortgage its not a major problem (albeit far from ideal).i am new to this investing business and value peoples experience/opinions as a learning tool - thank you0 -
!!!!!!? wrote: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?no none of them are a good thing but likewise they are not that bad either providing you dont need to sell your house.
with regards to the train crash comment maybe you need some help
:rolleyes: WADR, what planet are you on?
How is suddenly discovering you need to find an extra £200 per month (which you can't afford) to pay your mortgage "not a bad thing"?
How is suddenly discovering you're out of a job and unable to pay your mortgage "not a bad thing"?
The want/need to sell your house doesn't come into it. :rolleyes:
Rob0 -
If watching people lose their homes is entertainment to you, then enjoy. But I guess some must suffer for you to gain.
I guess sarcasm is another thing you don't 'get', like sound financial management.--
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards