Negative equity, where the value of outstanding loans is more than the value of the property on which it is based, has spread across the UK like wildfire. A report by ratings agency Fitch has confirmed that one in ten UK homeowners are currently experiencing negative equity although the company suggests this could rise to an alarming one in three if the property sector takes a further lurch downwards. So where are the worst hit areas?

It may surprise many to learn that the East Midlands is the worst hit area with regards to negative equity in the UK with 15.1% of homeowners struggling. Next we see Wales which has a rate in excess of 13%, East Anglia at 12.8% and the North-West of England as 12.3%. Scotland (at 3.6%) and the south-west of England at 7.2% are the least affected areas with regards to negative equity although this could all change in the future.

What are your choices if you find yourself in negative equity?

• Sit tight and ride it out - if you can afford it, this is often the best choice.

• Sell and cut your losses, but how can you pay for that?

• Allow us to take over your property for you and manage it, so you can walk away.   Our plan may also help you to repair your credit rating as we will ensure that your mortgage is paid!

We will need to know about your property and about your mortgage and any other related debts which are secured on your home or likely to affect it.

Call 020 8671 5471 for a free consultation today and let us get you started on a new life away from the pain of negative equity.