The news today said that up to a million households may go into negative equity because they borrowed too much
My response when I heard this this morning was "ah-ha-haaa. Bitches"

Because I got a mortgage on a flat I could easily afford, not on ewhere I needed a 100%+ mortgage.

There are 2 senses of the word tight that might apply to me here, but at least I didn't blow my wad.
(teebie jeebie, Tue 28 Oct 2008, 10:02, 7 replies)

*High fives*
Same situation- even bought a smaller flat than I really wanted (went down to what I needed) to make sure it was affordable.

Decent financial planning- boo ya!

Saying that, it doesn't really matter does it? I mean if they can still afford their monthly repayments and aren't planning to sell any time soon then it makes absolutely bugger all difference.
( uberdeity Wondered why Owen Lars knew of the term "hell" on, Tue 28 Oct 2008, 10:47, closed)

That's what I'm relying on
Just recently bought a house with a 90% mortgage, but paying monthly no more than I was paying on rent and savings before. We intentionally bought a slightly bigger house than we need so that we can take on a lodger for now, and won't need to move should we decide to grow small people.

I'm not planning on moving (at all, if possible), so I'm not too fazed about the prices going down.
( TheAlmightyBeev, Tue 28 Oct 2008, 14:15, closed)

Absolutely!
Having been previously bankrupt I am so careful now to keep my mortgage/debts easily in my comfort zone.

I am sick of people whinging - did they really believe that level of borrowing was really sustainable?

I know this doesn't apply to everyone and some people will have problems due to no fault of their own, but really?
(misspiggy In danger of having to get a job, Tue 28 Oct 2008, 11:34, closed)

I think
they will go into negative equity because house prices are tumbling. I bought 2 years ago, 15% deposit and I paid off another 7% when we had to renew. If houses come down 23% I'll be stuck despite being prudent.
( stopmeandslapme Cometh the hour, cometh your mum, Tue 28 Oct 2008, 14:51, closed)

I hadn't thought of that
Bum



So it looks like my flat is now worth about...what I paid for it.

Ah well
(teebie jeebie, Wed 29 Oct 2008, 16:44, closed)

Me too
But we might not being saying that this time next year.
( stopmeandslapme Cometh the hour, cometh your mum, Wed 29 Oct 2008, 17:45, closed)

not always the case of stupidity
as me and my now exwife bought a place in a nice little town that we (read that as "I") could easily afford.

When she left she took a sizeable chuck of the equity with her, and as I cant sell this place in teh current market im left nursing a 90% mortgage that is getting close to 100% with every dip in the economy.

Wad wasnt blown, it was robbed... :(
(Hosey^, Wed 29 Oct 2008, 11:17, closed)