Northern Ireland Housing Market Recovery? You’re Joking!

We hear a lot of optimistic individuals in Belfast claiming the  Northern Ireland housing market is “recovering”. Recovering is definitely not the term, improving maybe. Recent figures from Debt Action NI however suggest throughout Northern Ireland there has been a 24% increase since 2013 of borrowers falling into negative equity and mortgage shortfall debt.

Mortgage shortfall debt is now at £44 million across Northern Ireland.

Alarming statistics, particularly for those with their heads in the clouds suggesting recovery.

Further concerns have been raised as a poll conducted suggested 68% of home owners in Northern Ireland will be unable to meet their mortgage repayments when interest rates rise. I’m afraid it is not case of “if” interest rates will raise but “when” with The Bank of England marking the third quarter next year for a rate rise.

With 41% of homeowners in Negative Equity and Northern Ireland accounting for 56,034 out of 120,511 UK Properties with Mortgage Shortfall debt, according to Council of Mortgage Lenders figures, this is an Economic and Social time bomb which does seem to pass under the nose of Politicians all too often.

Many charities offer free advice and are encouraging individuals to take up this advice but they do not deal with Negative Equity and Mortgage Shortfall debt on a daily basis, this is our “Bread and Butter”. Our Resolution team achieve fantastic results and are happy to discuss any case over a free initial consultation with the decision on proceeding completely in your hands. Bell & Company have a fantastic rapport with all lenders and understand specific lender processes and protocol.

Bell & Company pride ourselves on the quality of the advice given. We give clients practical and realistic options tailored to your situation. The Resolution team invite you call the office and discuss your options over a cup of coffee. Call us today on 02890 517047 or email [email protected].

Don’t forget to follow us on Social Media for updates!

Terry Bell – Director

 

Back to Blog

Free Consultation

Your first consultation with us is completely free and you are under no obligation to proceed with us. However, it involves a thorough financial review and a tactical assessment of your various alternatives. We are assured you will leave the meeting with a clear understanding of your options and possible outcomes.

Specialist, Impartial Advice

Bell & Company is not allied to any financial institutions, agencies or outside bodies. This is one of our greatest strengths. It means that, unlike others, we are able to provide impartial advice that is in each client’s best interest and to operate scrupulously on their behalf, free of outside interference.

Chat iconCall us now on 0330 159 5820
CALL US NOW