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Shortfall on home mortgage
A young couple with a growing family appointed Bell & Company to proactively negotiate in respect of a shortfall on their home mortgage. Their mortgage was for £162,000.
The main breadwinner was an Architect but was suffering the effects of the downturn in the market and so found mortgage repayments a strain.
The family wanted to upgrade to a larger rented home to accommodate their growing family but unfortunately felt tied down due to the Negative equity on their home. They were worried that they could not afford to repay the difference so felt trapped like many others in Northern Ireland, UK and ROI currently.
The property was placed on the open market under the reassurance that our dedicated advisors would be able to negotiate on the shortfall on behalf of the client.
A purchaser was found and the property was sold for £120,000 leaving a shortfall of £42,000.
Laboured negotiations with the lender ensured that the negative equity shortfall was settled for £4000.