Equity Withdrawal in 2007
A Financial Times report published today reveals the high level of equity withdrawal in the run up to the credit crunch in the summer of 2007. It is particularly worrying that equity withdrawal was highest in some of the poorest regions of the UK. Northern Ireland comes out top of the bunch - 74% of those re-mortgaging their properties in the province in 2007 withdrew equity. As a result, those who extracted large amounts of equity may owe more on their mortgage than the actual value of their property even though they bought their home well before the bubble began.