Quote:
Originally Posted by Ianto.W.
I take your very valid point garinda it does not work for everyone, but in the long run you can't lose on property, I have owned this property since 1964 but have not always lived here, I kept it as an 'insurance policy' which has now matured.
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I totally agree. If you are staying put, and don't have to move, negative equity isn't a worry.
I was very lucky. Twelve years after first taking out a mortgage, and three moves later, I was mortgage free. Still feel sorry for people who are struggling though. Salaries haven't risen anywhere near as much as the vastly inflated house prices. The market hasn't stagnated or crashed already because lenders now give mortgages for up to five times people's salaries, or for longer than the traditional twenty five years. Without first time buyers being able to get on the property ladder, the whole chain of house sales grinds to a halt.