Negative equity warning for UK over 100% mortgages

Thousands of first-time buyers in the UK are at risk of negative equity following a dramatic increase in the number of 100% mortgages available, it was warned today.

Online mortgage company mform.co.uk estimates that between January last year and August this year an estimated 33,000 first-time buyers in the UK borrowed the full value of their property, or in some cases more than it was worth.