Archive for January 2015

Negative equity: New deposit rules will not apply

Negative equity

Borrowers in negative equity – where the value of their existing property is less than the outstanding mortgage – will not have to find a 20pc deposit to secure a new home. However, an upper mortgage limit of 3.5 times salary does apply to these homeowners hoping to trade up or move house. In addition,…

Read More

UK economy will slow down in 2015

Property prices

As 2015 gets under way, the next 12 months could prove tricky for the UK, what with a looming general election and a cooling housing market For much of 2014, the UK stood out as an island of rapid economic growth in a sea of stagnation. As 2015 gets under way, it looks increasingly as…

Read More

Marriage breakdown – Divorce Situation

Marriage breakdown

Mortgage Settlement A couple from Co Down with a marriage breakdown sought help from our specialists after their divorce as they agreed it was beneficial to sell the property they owned together which forced them into Negative Equity. The mortgage on the property was for £204,000. We achieved agreement from the lender to a consensual…

Read More

Mortgage Shortfall Settlement

Mortgage

Mortgage repayments A Single lady bought a house in North Belfast with a £230,000 mortgage in 2006.  Her mortgage repayments were £770 per month Interest only. Unfortunately she lost her job and could not afford to pay her mortgage. Bell & Company helped her through the process. The Client opted to sell the property on…

Read More

Mortgage Shortfall Settlement

Personal Guarantee

Buy to let properties A couple approached Bell & Company with three buy to let properties that were distressed . The rent acquired on the three properties was not even covering the mortgage repayments and the couple had been struggling leaving them with arrears. The lender had appointed a receiver when the couple sought help.…

Read More

Mortgage Debt Settlement

Personal Guarantee

Buy to let property Our client in this instance was a successful director of an up and coming Joinery firm with significant turnover. A buy to let property had been repossessed and sold and a substantial shortfall accrued of c£165,000 Initially, the client in question did not believe a settlement could be achieved but nonetheless…

Read More

Irish banks fuelling European distressed property loan sales

mortgages and loans

Nearly two-thirds of sales in 2014 were in the UK and Ireland with US private equity groups the biggest buyers European banks have stepped up their sales of distressed real estate loans, as investors flock into the continent’s property sector. Sales of loan portfolios rose 133 per cent year on year to €49bn in 2014,…

Read More

Banks fail to sort out 70pc of home loans in arrears

NI housing market

BANKS have yet to restructure repayments on thousands of home loans that are in default. New figures show that seven out of 10 mortgages in arrears have still to be sorted out. The six main banks put restructuring deals in place for close to 19,000 borrowers who are finding it difficult to meet their repayments…

Read More

Homeowners paying more to cover mortgage as rates rise

UK interest rates

Evidence of higher home-loan costs comes after Permanent TSB confirmed an Irish Independent report that it will give €1,000 to first-time buyers and existing mortgage holders who switch to it to get lower mortgage rates. New Central Bank figures show the average interest rate for mortgage holders rose to 2.76pc in November. This figure includes…

Read More

Mortgage Shortfall- Shortfall £190,000 settled for £12,000

Personal Guarantee

This husband and wife had moved to Manchester from Northern Ireland and left behind 2 rental properties. Unable to find tenants the couple soon realised the monthly expenses of the properties where too high to maintain. Following a discussion with the Society it was decided to surrender the possession of the properties to the lender who…

Read More