Is Negative Equity An Issue In Your Area?
Negative Equity: If you’re in Armagh, Banbridge, Carrickfergus, Derry, Dungannon, Limavady, Newry & Mourne or Omagh, you’re more at risk of being in negative equity. But when it comes downto it, people right across Northern Ireland owe more on their house than it is worth in the current marketplace.So it’s not necessarily where you are that’s the problem. It’s not even who you are.
Some people think that you need to be in pretty dire financial straits for negative equity to be an issue, but it’s just not the case.
Since we set up Negative Equity NI several years ago, we’ve been just as surprised as anyone to see that most of people who ask for our help are professionals who need to move because of a change of job or because their family is growing.
| Professionals helping Professionals
Already, we’ve helped hundreds of people to step away from property debt that they may otherwise have been stuck with for a long time.We’ve made sure that we’re regulated and accredited because we want our customers to feel confident and secure with our service.
We only ever give best advice that’s in the best interests of the people we work on behalf of we’re not working for the banks although we always endeavour to reach an agreement that’s favourable to all.
“In life, we often experience unexpected financial setbacks and it can be a real struggle to find your feet again. Your mortgage may start to suffer and finding repayments is a real struggle. In the meantime you are accruing arrears and getting into more and more debt. If you are worried about losing your home because of negative equity, don’t ignore the problem, do something about it.”
Is your property no longer suitable?
Nothing beats the feeling of buying your first home together. A place to start a family and look towards the future.However, as your family grows, you may find your home becomes too small and you need to move. Like many others, you could find that your house is now worth less than when you paid for it.”
Interest Only and no way to repay?
Are you one of the 1000s of homeowners in Northern Ireland who were sold an Interest Only mortgages without any real prospect of paying this off.Burying your head in the sand and waiting for interest rates to rise will not fix the problem.”
Need to sell?
Finding yourself in a situation where you have to sell your home, due to marriage breakdown or a property that is no longer suitable can be really tough. The market can be turbulent and you may find that your home is worth considerably less than when you first bought it. If you want to sell in a hurry then you may have to sell at a loss.”
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How is home equity calculated?
Home equity is calculated by subtracting the amount you still owe on your mortgage from the current market value of your home.
Can you have negative equity?
Yes. With standard loans, your home equity will increase over time. With negative-amortizing loans — a loan with monthly payments less than the interest rates — your equity decreases over time as your owed balance increases.