Negative Equity – Still Here

By on December 1st, 2015

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When you read, listen or watch the news you may believe that Northern Ireland has turned a corner and the property market is back in business and showing growth. To an extent it is true, however these reports are very Belfast-centric and we are only seeing signs of tepid growth. The rate of growth is not high enough to make any impact on the decline in property values since 2008. It is estimated that there are c60,000 borrowers in Northern Ireland still in Negative Equity. At Bell & Company we continue to assist homeowners blighted by the burden of Negative Equity and mortgage shortfalls on a daily basis.

As we stated the small increases we are seeing in property value are largely within the Greater Belfast area and many making these claims forget that properties located out of Belfast and in the country have suffered the biggest losses. The Belfast increase can be attributed to demand for property in the city which is thriving whilst the demand for rural properties is not as high. Accordingly, we are approached by clients all over Northern Ireland to assist and we are putting the miles in on the road to meet and assist as many of those effected as possible.

Too many homeowners feel trapped in Negative Equity and many use the term “mortgage prisoners” to describe their situation. It is key borrowers in debt understand their options – and there are options available. At Bell & Company we understand the current scenario with all lenders and the protocol in which they operate. We can therefore tailor our advice to give you realistic options in attempting to alleviate your negative equity or mortgage shortfall problem.

We assist borrowers in different stages of the process. Some still live in the property and have paid their mortgage up to date, others are in arrears whilst some have seen the property repossessed, sold and have been handed a “bill” asking for repayment of the shortfall.

Why Northern Ireland finds itself in this situation is largely down to loose lending practices by Banks during the boom period. At Bell & Company we aim to assist clients by looking forward, looking back at what the Banks did and the decisions you took to borrow the money will only anger you and cloud your judgement. By appointing an intermediary such as Bell & Company this removes the emotion from the situation and leads to amicable agreements being reached and often achieving settlements of hundreds of thousands of pounds for clients.

The team are also working on cases in Republic of Ireland where Negative Equity is still a major issue for many households. With the lack of a sound insolvency system many borrowers in Ireland find it difficult to work a route forward. We deal with the key lenders in Ireland and achieve settlements regularly. Bell & Company’s Resolution team are regularly on the road and can meet you where it suits to discuss your case.

Should you or anyone you know feel like a “mortgage prisoner” or be affected by Negative Equity in any way then please call Karen today on +44 2895 217373 to arrange your free initial consultation. We look forward to meeting and assisting you.

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