100% mortgage holders ‘could be stuck in negative equity for 16 years’
This is according to the director of the Irish Mortgage Corporation, Frank Conway, who said that consumers who took out long-term mortgages of between 30 to 40 years will take much longer to exit negative equity, especially if there is no property price growth.
He said a property owner who purchased their home in February 2007 with an 8% deposit could be in negative equity until 2024, while a first-time buyer who purchased using 100% finance could be in negative equity until 2027.
