Negative equity danger in parts of the UK say National Homebuyers

The conditions for negative equity are present in many parts of the UK, potentially leading to huge financial difficulties for many people.

[ClickPress, Fri Apr 25 2008] Mouseprice claims that a number of homeowners could find themselves in negative equity as house prices continue to fall.

Negative equity is when a mortgage is worth more than the value of the property is what taken out on.

It means that the mortgage cannot be cleared simply by selling the house and leaves many people in real danger of being repossessed and facing a future of financial difficulties.

"The conditions that are required for negative equity are present in some areas," said Jonathan Upton from Mouseprice.

"An Experian survey suggested that there were some areas in the country where they had concerns that negative equity might crop up in the next couple of years.

"Really the situation with first-time buyers is difficult to call because it depends on the level of deposit that people took out and it depends when they bought it," he continued.

Fast property sale expert Julian King of fast property buyer National Homebuyers adds, "People worried about financial difficulties in today's market should consider a quick property sale.

"The costs, delays and uncertainties of selling on the open market do not afford people the speed of peace of mind of having a guaranteed buyer for their property.

"Homeowners should be aware that options other than the lengthy, precarious and draconian 'open market' method exist to help people sell property fast".

Mr King is a director of National Homebuyers the UK's leading fast house buying firm that guarantees to make an offer to purchase any property in the UK quickly regardless of its condition or location. The company also specialises in providing Sell and Rent Back solutions for homeowners who want to release equity in their property but remain living in their home.

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