Negative Equity Property is a huge problem in the UK that no-one seems to want to admit, recognise or try to sort out.
It is like a ticking time bomb just waiting to explode and there are going to be a lot of casualties.
We do not want you to be a victim of this serious debt problem that has been thrust upon you.
The Negative Equity Property Problem
Many people bought properties at the height of the property boom, only to find out that now their property has reduced in value considerably.
However, the mortgage balances have not reduced considerably because a high percentage of the properties were purchased with interest only mortgages. This means the mortgage balance amounts have stayed exactly the same.
Where you have property that is worth less than the mortgage secured on it, you have negative equity.
The financial experts (so called) at the time said it would be all be sorted within a couple of years with some saying maybe 5 years at the most.
With over a decade now past, property values have still not recovered back to where they were.
It is estimated that hundreds of thousands of property owners are currently in negative equity property throughout the UK, with some only slowly waking up to the serious situation they are in now.
Mortgage Terms Running Out
The length or term of the mortgage when taken out always seems to be a long way away and does not concern us when we sign for our new property at the solicitor’s office.
However, many are finding now that the end of the mortgage term is looming very close and that their properties will never ever regain the severe losses suffered in the length of time that is left.
Some people are reaching retirement age, have a large mortgage which is well in excess of the current value, which puts them in negative equity, with seemingly no way to get out of it or nowhere to turn.
Others know they have a major problem, but have no idea what to do or how to get out of it. That is the reason for this website.
To help property owners that are in negative equity escape!