Not that many years ago, but long enough to fall outside the adult memory of a large number of today’s homeowners and would-be buyers, the blight of negative equity struck Britain. The condition – where the value of your house or flat falls below the value of your mortgage and well below the price you paid for the property – caused untold misery for millions of people. Prevented from either moving or remortgaging, they were trapped in their homes, burdened with often unaffordable mortgage repayments.
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