![Negative Equity](https://img.resized.co/myhome-ie/eyJkYXRhIjoie1widXJsXCI6XCJodHRwczpcXFwvXFxcL2ltZy5teWhvbWUuaWVcXFwvcHJvZFxcXC91cGxvYWRzXFxcLzIwMTBcXFwvMDNcXFwvbmVnYXRpdmVlcXVpdHlfcmVzaXplLmpwZ1wiLFwid2lkdGhcIjpudWxsLFwiaGVpZ2h0XCI6NjAwLFwiZGVmYXVsdFwiOlwiaHR0cHM6XFxcL1xcXC9uZXdzLm15aG9tZS5pZVxcXC9pbWFnZXNcXFwvbm8taW1hZ2UtMi5wbmdcIixcIm9wdGlvbnNcIjp7XCJvdXRwdXRcIjpcIndlYnBcIn19IiwiaGFzaCI6IjM0M2Y2Y2QxZmQ4OWUzZGNkMmUxYzAzNTkxODBkYTRlOTQ0MmZjNWQifQ==/try-to-be-positive-about-negative-equity.jpg)
"Negative equity" seems to be the buzz word of the year. We are all obsessed with it and some are almost possessed by it.
Gone are the days of bragging about the value of our homes. Negative equity means that you owe more on your mortgage than your house or apartment is worth. While it is sickening to pay out monthly mortgage repayments over and ... above the value of the property, it should really only emerge as a problem for you if you decide to up sticks. You will then find that your bank or building society is looking for more money than your property is worth. Now, this is a problem. One way around it is to ride the storm.
So basically for anyone who bought at the peak of the market, there's not a lot you can do apart from bite your tongue. There's little chance that it will regain those peak values. I know this is not much consolation, but what else can you do. You have a house. You have a mortgage. You made the decision to buy when you did and at the agreed price. This may sound harsh, but it's time to start enjoying your home. Nourish your home and stop obsessing about its value. You have to live somewhere. We have had situations of negative equity before and no doubt they will happen again. You can find consolation in the fact that interest rates are at an all time low right now and this should be reflected in your monthly mortgage payments (that is of course if you are not tied in to a fixed rate mortgage, which is a whole other issue). It's high time we started thinking of property as a home.