Anyone bought a property pre-credit crunch i.e. first half 2008 and....

[lovetoeat]

Shitting themselves at the fact their inbetween expensive property has depreciated?!!

Trying to console myself that we have a tracker until 2010 and the overpayments will help increase the Loan to value ratio come 2010 when our offer is up, but still worries me although life does go on!!

we bought ours in 2005. The market here had already started to stagnate then, and we did get a fair bit off the original asking price (which was a silly price anyway). I suspect if we had to sell now we'd get around £30,000 less than the price we paid. We wouldn't be in negative equity yet though.. atm it would only be a potential problem if we had to sell.
I'm not looking forward to renewing the mortgage in a year and a half though!
The market round here is still v slow, people are only moving if they have to.

Bought in May 2007. Paid full asking price.

Kicking self now.

On interest-only mortage (fortunately because capital tied up in other houses) - house needs a lot of cosmetic work doing to it and I can't do it, neither can dh, so it's going to be very costly to fix up.

And it's not even where we want to live!

On the plus side, my job is (touch wood) relatively secure and we have plenty of room. All primary schools nearby are good, so no need to consider moving for ds' sake for [counts] 6 or 7 years!

You just have to take a deep breath.

In our boom/bust economy there will always be people who ARE 'caught out', and it's a real bugger when it's YOU. But as you say, life does go on, you still have a roof over your head however much too much you may have paid for it. 20 years hence it won't matter - may seem like forever! But who knows when the next boom may be?

yes we bought in 2007,near the end of the year by the time we completed,and although we put down a hefty deposit a similar house is now selling for just about the price of our mortgage so any less and we will be in negative equity.Makes me feel sick to think of it.We only intended to live here for two years.

we bought ours last year, but we are going to die here, so no shitting of pants, as its a long term investment and will recoup its money in 5 years at the most.

We're not planning to sell for a fair while so we're counting ourselves lucky we bought when we did. We'd never have got a mortgage in today's circumstances, as I was on a contract at the time and we were stretching our budget to the limit. I don't think there's a risk of negative equity yet because we had a fairly good deposit and we're renovating.

bought 2005, got a bargain at the time, and it went up and up in value, but god knows what it's worth now, probably not much more than what we paid. So weird how things change. We're just going to try to make the most of v low interest rates and pay off as much as we can so it doesn't sting quite so much!...........Oh yes, and we're investing in bunkbeds rather than a new home!

We bought ours summer 2007 but didn't complete until december. We have done a bit of work and tbh i don't think we would lose more than £5- 10k on purchase price. 4 or 5 houses on estate have had sold signs go up in last fortnight too which is 1st I've seen for a while. We had hefty deposit so not likely to fall into negative equity any time soon. I wouldn't like to lose that but in reality it was only money made on previous property so doesn't really feel like it was ever ours. I just haven't really settled so know will want to move again asap but realisticly I know this can't happen until I return to work full time which won't be for 4 or 5 years.

We exchanged end of march 2008! But am not too worried, it's a home and we worked out that we could afford it. dh is in secure job, and similar houses are on the market for about the same as we paid. (although if we had to sell tommorrow, i'm in no doubt that we would lose money).

bought three yrs ago this coming october.

The house was a repossesion so we got it very cheap. Not in negative equity yet and mortgage has gone down by almost half so we massively overpay at the moment.
Even if it does slip into neg equity i don't think it will be an issue as we don't need to move for a couple of years.

I think you only need to shit yourself if
(a) you need to sell
or
(b) you mortgaged at silly income multipliers (eg 5x joint) as when you come to re-mortgage you will only be able to get 3 x joint MAX and you will then be stuck on the lender's SVR for ever
or
(c) you have a very high LTV as then you won't get a good deal when you remortgage

... a lot of people (like us) put down very reasonable deposits, thus good LTV, at the time of buying, and as prices have fallen away have hit 95%+ LTV and are now in a position of not being able to get a deal except for SVR. And it wasn't the folly of silly income multipliers or a high LTV rate to begin with!

I don't regret the price drops, but I am somewhat frustrated at being in a position where our LTV is now 95%+ and we are stuck on SVR for the foreseeable future.

We paid top dollar for ours in July 2007. Put down £100k from sale of previous house but at least half that equity has now gone.

However, this is our forever house (we hope) so it will recoup its lost value and more during the 23 years of the mortgage.