NI seems to be the worst by far.
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| Negative equity afflicts 'half a million households' http://www.x404.co.uk/forum/viewtopic.php?f=19&t=21463 |
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| Author: | pcernie [ Sat Mar 01, 2014 12:12 pm ] |
| Post subject: | Negative equity afflicts 'half a million households' |
http://www.bbc.co.uk/news/business-26389009 I'm not surprised at the NI figures - not too long ago houses right beside the railway, motorway and airport with the dimensions of a shoebox cost well over £100k! |
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| Author: | l3v1ck [ Sat Mar 01, 2014 12:49 pm ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
NI seems to be the worst by far.
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| Author: | Amnesia10 [ Sat Mar 01, 2014 5:20 pm ] | |||||||||
| Post subject: | Re: Negative equity afflicts 'half a million households' | |||||||||
So much for the property recovery in the North East. |
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| Author: | Spreadie [ Sat Mar 01, 2014 11:45 pm ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
Negative equity doesn't afflict anyone who uses their house as home rather than an investment. |
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| Author: | l3v1ck [ Sun Mar 02, 2014 7:53 am ] | |||||||||
| Post subject: | Re: Negative equity afflicts 'half a million households' | |||||||||
Except people who have to sell as they've lost their jobs and can't pay the mortgage. It also affects people who want to remortgage to get a better rate. They can't, as other banks won't touch them. They have to sit on the standard variable rate of their current bank after any fixed term/tracker rate has expired. That means paying a lot more in interest. |
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| Author: | ShockWaffle [ Sun Mar 02, 2014 8:15 am ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
But I was reading recently (here) that we have a tragic and devastating housing bubble. Make your mind up Internet! |
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| Author: | jonbwfc [ Sun Mar 02, 2014 10:40 am ] | |||||||||
| Post subject: | Re: Negative equity afflicts 'half a million households' | |||||||||
Not at the moment it doesn't. Unless they managed to get a fixed deal with a negative interest rate anyway. If (say) a 1% jump in the interest on their mortgage is enough to render their mortgage unmanageable they were in a pretty parlourous state anyway. Not that the mortgage rate can't go up of course, and probably will some time relatively soon. But it's simply not the case right now. |
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| Author: | l3v1ck [ Sun Mar 02, 2014 10:47 am ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
Standard variable rates are almost always higher than other deals. For example..... My current fixed rate is crap. But it runs out in October. If I had negative equity I'd have to sit on my bank's SVR. eg 3.99% at Nationwide at the moment. With equity I could move to any bank with a fixed rate deal. You can get ones well below 3% on a two year deal. Even five year fixed deals can be had for less than 3.5% with equity. |
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| Author: | jonbwfc [ Sun Mar 02, 2014 10:59 am ] | ||||||||||||||||||
| Post subject: | Re: Negative equity afflicts 'half a million households' | ||||||||||||||||||
I'd say drop the 'almost'. If they're not better than SVR hardly anyone would bother (I know having a fixed rate has advantages of itself, but not really ones you can use to sell them). I can't remember ever seeing a fixed rate deal where the fixed rate was current SVR.
Hmm.. I was think of SVR as more than that frankly, more or less 5%. |
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| Author: | rustybucket [ Mon Mar 03, 2014 2:30 pm ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
My. Heart. [LIFTED]. Bleeds. 
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| Author: | pcernie [ Mon Mar 03, 2014 3:29 pm ] |
| Post subject: | Re: Negative equity afflicts 'half a million households' |
Rising housing market spreads beyond London and south-east http://www.theguardian.com/business/201 ... erty-price |
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