We have found that Now there’s a way out of property negative equity at last and it does not mean bankruptcy!
This is something that is an increasing problem and a worry for many property owners.
So, Now there’s a way out of property negative equity at last
Negative equity is when the value of your property falls to less than the mortgage on the property.
Let’s say you have got a £250,000 mortgage on a home with a value of £270,000.
This means you have got £20,000 of equity in your home – the money you would have left over if you sold the property and paid off your mortgage.
If your home fell in value to just £250,000 which is equal to your mortgage, then you would have no equity in the property.
If house prices fell even more and your home was worth just £200,000 you would be in £50,000 of negative equity.
We can debate the rights and wrongs of mortgage lenders giving 100% mortgages or even 125% mortgages, allowing self-certifying of income, etc. a few years ago before the credit crunch, but now a lot of people are faced with the negative equity problem now, which has been described as the next financial time bomb waiting to go off.
You need to face this problem now as putting it off isn’t going to work.
We have new schemes right now that can rid you of this property once and for all, without paying the full shortfall and without affecting your credit rating.
Get in touch and we can explain the details. It’s totally 100% legal and for your own peace of mind, you need to consider this option that many other people are using whilst it is available.
Some companies are offering only the option of bankruptcy to get you out of this position, but we are advising a different route that is much, much better for you.