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It was always going to be risk but it is rather nerve wracking to have taken on a fucking mahoosive mortgage in May.
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The negative equity following the collapse of the 'Lawson Boom' was based upon the legacy of (mutual) building societies conservative lending policies, typically 3.5 time salary at most and a 10% deposit. The scale of potential negative equity now is far, far worse.
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Rent can go down?
Stonehedge
mespilus
Sumo
@Velocio
It's going to be that bad.
I was really shocked that it even reached LFGSS by adding so much to the monthly bill because of the USD > GBP exchange rate.
Already know of a few people laid off, a couple of 10% reductions in house purchase offers, and over-listened talk from a Buy-To-Let seller on the train this morning who fears that they can't afford to hold too long, yet selling will come at a big loss.
Now that last one, perhaps that's a good thing... but a crashing housing market is going to have ramifications way beyond "My rent has gone down.".