Negative Equity
If your outstanding mortgage is more than the market value of your home, you are said to have Negative Equity.
This unfortunate situation can make it very difficult to move house, as you will have to find extra funds over and above the proceeds of your house sale to pay off your current mortgage.
Negative equity was relatively common in the early 1990s following a crash in property prices - many people bought homes when the market was strong, only to find after the crash that their house was worth much less than its market value.
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