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Donabate and Portrane Discussion Forum

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From:	sprout
Posted:	6 August 2010

Negative equity?

I know some people are of the opinion that it does not matter if they are in negative equity unless you are planning on moving house however i know i would not like to be paying for a house that was only worth a fraction of what i paid for it.Thank god I have not gone into negative equity yet but I'm on a varible rate at the moment and my morgage has gone up again Jesus it is really getting hard to keep with the repayments at this time of the year when you are trying to get your children ready for school with the price of books etc its a nightmare.

From:	js34
Posted:	6 August 2010

Negative equity?

If you are in negative equity or positive equity and you lose your job it has no bearing, you still need to pay your mortgage and live somewhere. If you have to move for a larger house the banks have products that you can shift the negative equity. Doubt that many people are in a sweat over having to move from a 3 bed to a 4 bed house because the family is getting bigger. Most banks will come to an arrangement if you are in difficulty and its no shame to look for help off them. Dont wallow. Do people worry when they spend 40k on a car and its worth 30k 3months later? and they still have a 38k loan on it? no they keep paying it off. Inheritence? - anyone thinking of this as a bail out has bigger issues.

From:	ejb
Posted:	6 August 2010

Negative equity?

js34 says:
"If you are in negative equity or positive equity and you lose your job it has no bearing, you still need to pay your mortgage and live somewhere"

I admire your confidence but for most people losing your job has a huge bearing.

From:	js34
Posted:	6 August 2010

Negative equity?

you missed my point, if you have no job it makes no difference if you are in positive or negative equity

From:	Lambay
Posted:	6 August 2010

Negative equity?

I blame atheistic humanism and people with blue cars.

From:	ejb
Posted:	6 August 2010

Negative equity?

Oh it does js34. If you are in positive equity you won't have the bank breathing down your back when you miss several repayments.

Lambay - good to see you haven't lost your sense of humour!

From:	Momoto
Posted:	6 August 2010

Negative equity?

Negative equity has nothing to do with being cash strapped. You are more likely to be cash strapped if you lose you job or take a massive pay cut. Being in negative equity doesn't affect your mortgage payments. You pay what you owe and if you can't then you either lost your job or took a paycut, because the bank shouldn't give you a mortgage you can't pay if you have your job and haven't had your pay cut.

So are you saying you think more people in Donabate have lost their job and this is a reflection on why more local businesses fail?

Personally I doubt it. I'd support any local business that deserves it. If it's not up to scratch then why should I spend my money there?

There are good, viable businesses in Donabate. They'll be OK.

From:	ejb
Posted:	7 August 2010

Negative equity?

Some good points there Momoto.

"Negative equity has nothing to do with being cash strapped. You are more likely to be cash strapped if you lose you job or take a massive pay cut. Being in negative equity doesn't affect your mortgage payments. You pay what you owe and if you can't then you either lost your job or took a paycut, because the bank shouldn't give you a mortgage you can't pay if you have your job and haven't had your pay cut."

That's true. The media put too much emphasis on negative equity. You could be absolutely skint but be in positive equity. So I'll put it another way, Donabate not only has a large percentage of people in negative equity, they would also have a huge amount of people with big mortgages.

Whereas somewhere like Malahide has tonnes of people in their 50's, 60's, 70's that don't have a mortgage. The population boom there was in the 60's an 70's and 80's. Donabate it was in the 90's and 00's.

"Personally I doubt it. I'd support any local business that deserves it. If it's not up to scratch then why should I spend my money there?"

Agreed.

Businesses don't want to take the risk and its the reason why we don't have as much in the village as we should have. Fingal CC if they had any cop on would make it easier for businesses to cover their rent. Even if it wasn't a standard business but something like an Oxfam shop. They wouldn't have a chance of covering the rent and this all means that it's difficult for the village to flourish and we end up with a big yellow snot, instead of something more community based in the middle of the village.

From:	wail
Posted:	8 August 2010

Negative equity?

You are better off being under water in your family home than many other scenarios. The last decade has not just been about house prices but a massive liquidity bubble. So for example there are tons of people who had been diligently paying down their mortgage for many years but then suddenly decided to go mental and buy five apartments or trade-up, release equity from their home etc. Its not just housing either a lot of people's pensions went up in smoke with the share price collapse and many small businesses disappeared which people had hoped to sell to fund their pensions or pass onto their kids.

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