Homeowners 'at risk of negative equity'
More than a fifth of mortgage holders in the UK are at risk of negative equity, it has been revealed.
According to Fairinvestment.co.uk, 21 per cent of homeowners have borrowed more than 90 per cent of the value of their property.
And with prices tumbling, chartered financial planner at the site Sharon Bratley noted that many consumers are increasingly in danger of owing more than their house is worth.
"These homeowners could now be at risk of negative equity as house prices continue to come down, particularly if they bought their house within the last three years," she remarked.
With eight per cent having actually borrowed more than the total value of the property, those who are thinking of living in London may prefer to rent a house or flat rather than run the same risk.
Recent Land Registry figures showed that the average price of home in the capital fell by 2.3 per cent in December.
Published 12th February, 2009
© 2009 Estates IT Limited
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More than a fifth of mortgage holders in the UK are at risk of negative equity, it has been revealed.