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Negative equity problem overstated
Your Mortgage magazine has suggested that homeowners concerns about negative equity are "wide of the mark".
The publication noted that only those selling their home or remortgaging need be concerned about their value of their property and the amount of equity they own.
Pauline McCallion, editor of Your Mortgage, stated: "If a borrower wishes to sell or remortgage, having a 100 per cent or 100 per cent-plus mortgage at the moment does not necessarily mean they will be in negative equity."
She added: "If they took it out two or three years ago, such borrowers could have repaid enough to bring their loan-to-value down to 95 per cent or less."
In addition, Ms McCallion stated that house price trends vary considerable across the UK. Although prices are falling generally across the country, that will not necessarily be the case in everyone's street or area.
Yesterday, the National Association of Estate Agents picked up on this point, saying that people should look regionally in order to get a clear picture of the housing market.
