'No mortgages available' for those in negative equity
Homeowners will need to find more money if they are to remortgage in the current climate, it has been noted.
With many of those who have bought property facing the prospect of negative equity, Surrey Independent Financial Services has observed that they will have difficulty in obtaining a new deal.
Mortgage adviser at the firm Bilal Afzal explained that sellers are "highly unlikely" to be able to get the price they bought their house for, meaning they will "have to put some money down".
"Negative equity for homeowners in these times means they have no mortgage products available in the market if they want to remortgage," he remarked.
Those looking for a home in London may wish to rent a house or flat in order to avoid such problems.
The recent Financial Risk Outlook, published by the Financial Services Authority, predicted that over 2.5 million people would find themselves in negative equity if house prices fall 30 per cent below the levels seen at the end of 2007.
Published 16th February, 2009
© 2009 Estates IT Limited
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