Can someone clarify for me please......
Am I right in believing that negative equity is when your mortgage balance is higher the value of your house? Over the course of conversations with friends it seems to me that some believe negative equity is simply the value of their house now is less than what they paid for it. Are they right?
We recently moved house as value was marginally higher than mortgage balance and we wanted to get in before new rules applied. But a friend said we should have waited until house value was back to what we paid for it 11 years ago so we wouldn't be in negative equity now!
Am I right in believing that negative equity is when your mortgage balance is higher the value of your house? Over the course of conversations with friends it seems to me that some believe negative equity is simply the value of their house now is less than what they paid for it. Are they right?
We recently moved house as value was marginally higher than mortgage balance and we wanted to get in before new rules applied. But a friend said we should have waited until house value was back to what we paid for it 11 years ago so we wouldn't be in negative equity now!