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Negative Equity

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    #2
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    I'd rather be in Negative Equity myself than be someone like you who takes pleasure in the misfortune of others.


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    #3
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    Senna wrote: »
    I'd rather be in Negative Equity myself than be someone like you who takes pleasure in the misfortune of others.

    Agreed. Pointless and childish thread. Poor show, OP.


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    #4
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    Senna wrote: »
    I'd rather be in Negative Equity myself than be someone like you who takes pleasure in the misfortune of others.

    http://www.boards.ie/vbulletin/showthread.php?t=2055273055

    I think Ian Curtis (the poster, not the Ian Curtis) is something of a troll.


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    #5
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭EKRIUQ


    troll,


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    #6
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    negative equity is only a figure on a piece of paper, it makes no difference to anyone, so i am not sure what you are sorry about :confused:


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    #7
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    pink fluffy bunny wrote: »
    negative equity is only a figure on a piece of paper, it makes no difference to anyone, so i am not sure what you are sorry about :confused:

    Well, there are quite a few negatives I can think of:

    - it kills your ability to move home. This is a huge issue for thousands that bought so-called "starter homes" with the intention of trading up in a few years.

    - if anything happens to your employment you run the risk of having your home sold and realising a loss.

    - Unless you have a fixed or tracker interest rate you are open to abuse by your lender as you can't go anywhere else.


    I have friends who currently estimate themselves to be in neg equity to the tune of 80K and all of the above factors are causing huge stress for them.


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    #8
    Firetrap
    Closed Accounts Posts: 4,442 ✭✭✭Firetrap


    It also means you're paying a bigger mortgage now than you would have if you'd held on for a while. If people have more disposable income, it's better for them and better for the economy.


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    #9
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    And, for the people who took out sub prime, interest only or deferred start mortgages on the basis that after a few years they could either sell and pocket the equity or else they would be in a position to move onto a more regular annuity mortgage, they are now stuck and in an ever worsening position.

    Also, although a minor point, people on LTV mortgages will be paying a higher rate of interest as reduced house prices move them to higher LTV bands.


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    #10
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    johnnyskeleton wrote: »

    Also, although a minor point, people on LTV mortgages will be paying a higher rate of interest as reduced house prices move them to higher LTV bands.

    Have people been moved to different LTV rates? i thought most of those new LTV standard variable bands are based on the LTV when they took out the mortgage.
    If a bank moved someone based on a current valuation then that person could well fight the new valuation, seen its so hard to put an exact valuation in the current climate.


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