More than one in 10 mortgages are in negative equity or close to being plunged into it, one of the world's biggest banks admitted today.
HSBC said it has seen a shocking 40 per cent jump in the size of loans which are larger than the value of the property.
In the UK, it had £460million of 'negative equity mortgages' in the six months to the end of June, compared to just £330million at the end of December.
But there is also a further £5.2billion of loans where the loan-to-value is 90 per cent or more.
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Read more about HSBC's earnings report
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