On borrowed time
Property: In June, the House of Lords considered, for the first time, a question that often arises in county courts up and down the land - the appropriate limitation period for mortgage shortfall claims. Stephanie Tozer opens the door on the issue
Negative equity was a fact of life for many home-owners in the early 1990s. For most, it came as something of a shock. Few people anticipated the economic conditions – interest rates doubling between 1988 and 1990, businesses failing, redundancies and the crash in the property market. Many people honestly do not appear to have appreciated that their mortgage merely secured an underlying loan and, come what may, that loan had to be repaid.
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