I did’nt think this deserved its own thread because it reads like Isobel wrote it - I think it was the haughty schoolteacher tone that did it.
“Negative equity” seems to be the buzz word of the year. We are all obsessed with it and some are almost possessed by it.
Gone are the days of bragging about the value of our homes. Negative equity means that you owe more on your mortgage than your house or apartment is worth. While it is sickening to pay out monthly mortgage repayments over and above the value of the property, it should really only emerge as a problem for you if you decide to up sticks. You will then find that your bank or building society is looking for more money than your property is worth. Now, this is a problem. One way around it is to ride the storm.
So basically for anyone who bought at the peak of the market, there’s not a lot you can do apart from bite your tongue. There’s little chance that it will regain those peak values. I know this is not much consolation, but what else can you do. You have a house. You have a mortgage. You made the decision to buy when you did and at the agreed price. This may sound harsh, but it’s time to start enjoying your home. Nourish your home and stop obsessing about its value. You have to live somewhere. We have had situations of negative equity before and no doubt they will happen again. You can find consolation in the fact that interest rates are at an all time low right now and this should be reflected in your monthly mortgage payments (that is of course if you are not tied in to a fixed rate mortgage, which is a whole other issue). It’s high time we started thinking of property as a home.
To me it says
Deal with it.
It 's your own fault anyway.
Enjoy it if you can.
Whoever wrote that deserves a slap.
Thank God for that. Anyone who
ever bragged about the value of their home should be slapped.
It seems fair enough to me. Have you any other options if you are in this situation?
It sounds like someone saying you bought so you lost, deal with it moron and move on, NEXT
Well you did lose. In a big way. I didn’t get the moron part from it.
Its a cheeky statement masquerarding as a little bit of advice when you have just been shafted due to possibly your own stupidity or lethargy or that of the market and to me it has moron written all over it.
all the same, it has garnered enough replies for a new thread so I’ve split it off
Don’t remember myhome coming out with that little gem in 2006/07!
Someone better tell Marie Hunt about this.
Whilst not calling them morons - to me, it does something much more invidious:
…and some are almost possessed by it.
…Negative equity means that you owe more on your mortgage than your house or apartment is worth. …it should really only emerge as a problem for you if you decide to up sticks… One way around it is to ride the storm.
… there’s not a lot you can do apart from bite your tongue. … but what else can you do. …stop obsessing about its value…(that is of course if you are not tied in to a fixed rate mortgage, which is a whole other issue). It’s high time we started thinking of property as a home.
From my reading of this, on a property website, it is basically stating that the fault for the current predicament a person in negative equity finds themselves is with themselves.
A property website owned by a newspaper pulling in huge advertising fess for ensnaring the very person it now preaches to.
Does this remind you of anything?
Living in negative equity makes life more interesting*
in the ‘may you live in interesting times’ mode
I wonder what wisdom she’d dispense to unemployed in NE?
Pay a visit to this website now!
Of course you do. Renting is dead money.
This may sound harsh, but it’s time to start enjoying your home. Nourish your home and stop obsessing about its value.
It’s high time we started thinking of property as a home.
where were you back in 2000-06? We could have done with this advice then
Oh yeah schilling property that’s where
At least one moderator has already posted here so I guess it must be kosher.
If you have a problem with a post, use the report button. It looks like this:
https://www.thepropertypin.com/styles/thepin/imageset/en/icon_post_report.gif and is at the bottom of every post.
was wondering where this post had gone to!
I want to add that it is very nice of them to dismiss this as a matter of “a whole other issue” with no more said. Hell yeah it is a whole other issue - if this really puts anyone at ease then in my opinion they have developed
HOMEOWNERS who locked into fixed-rate mortgage deals last summer when interest rates were high are now being told it will cost them between €10,000 and €17,000 to break out of the deals.
Lenders charge a penalty fee, also known as a break funding penalty, to someone who wants to break out of a fixed rate mortgage.
Some homeowners and brokers have accused some lenders of hiking the penalty fee to such an extent that it is economically unviable to consider breaking out of the fixed-rate deal.