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].
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Terry Bell – Director