Hi.
What is this excess of 110%? Does this mean that the mortgage balance is 110% of the property value? (ie Property value = �100,000. Mortgage balance / money owed to mortgager (the bank) = �110,000)
If this is the case, how has this come about? I knew that the property market has become less buoyant, but I was unaware of any part in the the UK where negative equity has come back into play. Surely, the bank would not have lent her the money in excess of the property value?!
Please could you clarify on this point, and I will try and suggest some answers to your question.
Regards,
Scott