House prices have gone down and I am in negative equity. This is because...1) The FSA has introduced tighter regulations regarding lending of money. The result is that other people are now unable to over-exagerate their income and so cannot borrow as much money as I did. This means I cannot sell my house for anything like what I paid for it. This change was made by the gubmint. I'm in negative equity and it's the gubmints fault.2) I got an introductory rate of 4% (Interest only) fixed for 2 years from my mortgage provider. With the salary I totally made up (60K) to qualify for the loan and the 30K that my parents re-mortgaged their house for as a down payment I was able to borrow 250K. Despite only really earning 15K working as a Internet Disabled Access Facilitator employed by the local council. Unfortunately the introductory period has now expired and the best I can get is 5.5%. I cannot pay this mortgage and live. The Gubmint should not have allowed interest rates to go up. I cannot sell my house because then I will have made a loss and be unable to repay my parents. I'm in negative equity and it's the gubmints fault.3) The banks knew I didn't earn 60K a year. That's why they invented the 'self-cert' route. I mean if I was really earning 60K a year I'd just have filled out the regular application form and let them verify it with my employer wouldn't I? Anyway, prices have gone down due to the gubmint limiting other people lending as much money as I did. But what really makes me mad is that the banks allowed me to borrow so much money. I'm in negative equity and it's all the banks fault.4) The banks were in cahoots with the valuers. I mean surely the valuers knew that 250K for a two bed ex-council flat in Woolwich was over-priced. So why did they value it so highly? Because the banks were desperate for my money and they influenced the valuers - that's why. They knew it wasn't really worth that kind of money and yet they let me believe it was. I'm in negative equity and it's all the valuers fault.5) All my friends were self-certifying and borrowing the deposit from their credit cards and they advised and encouraged me to do the same. Some of them had been remortgaging for years and had been on fantastic holidays and they all had nice new Audi TTs. Now we're all in negative equity. But I was the person who bought last so I never even got to buy an Audi TT. It's just soooo not fair. It's almost as if they wanted me to validate their decision to keep borrowing massive amounts of money by encouraging me to do the same. I'm in negative equity and it's all because of peer pressure.7) My parents told me they'd never lost money on a house. When I couldn't save enough (okay, any) money from my salary for a deposit they were the ones who remortgaged their house to give me a 30K deposit. Well, how could you save after you've paid your mobile phone bills, your gym fee, bought all your groceries including the little bottles of water for the desk? I mean you just can't on 15K a year can you? Really. Hah. And now I find out that while I was in primary school there was a property crash in the late 1980's. Hah. House prices have never gone down eh? Thanks mum and dad for totally stuffing up my life. I'm in negative equity and it's all my parents fault.8) The man from The Halifax came around to my rented accomodation, put a gun to my head and forced me to buy a house. I wasn't even looking for a house. I was quite happy living with Penny and Tammy and the cats but I guess they'd run out of willing buyers and so, in order to keep the market alive, I was forced to buy a house. Look at the signature on the mortgage application - you can see where he held my hand and forced me to sign. It's not even my signature. I was forced to do it. I've kept quiet about it for so long but now I'm in negative equity I have to tell the truth. I'm in negative equity and they made me do it.9) I bought an over-priced old nail of a house because I have the IQ of a goldfish. And now I can't get shot of it without owing a shed-load of money and having nothing to show for it. I am a dolt but I will learn from this. Yeah, right, as if.Regards,John
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