Negative Equity NI

If, like many NI homeowners, you took out an interest only mortgage between 2004 and 2008 you may well find yourself in negative equity with no plan in place to repay the capital.

Are you merely only paying an expensive “rent”?

Think about it, your mortgage payment will change (increase) with interest rate rises and if you can afford it, you can remain in your property. When the term ends, what then? Start again? At 55, 60, 65 years old? Where do you move too? How do you fund your retirement while paying rent for the rest of your life? Is this “fair” or “reasonable”?

Is your interest only term running out?

We are helping 100s of clients every year whose interest only mortgage is ending. In fact, we’ve helped many clients whose mortgage term has already expired.

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Dealing with divorce or separation can be a nightmare, made more difficult with negative equity.

Lenders are not known for their sympathy in a situation where ex-partners are “trapped together” owning a home neither of them wants.

Over 20 leading Matrimonial Solicitor practices refer cases to us where:

• The lender will not release either borrower from the mortgage
• The property cannot be sold via a “normal” market sale due to negative equity
• One partner has absconded leaving the remaining person to cover all costs
• A property has already been sold, surrendered or repossessed and the debt is “chasing” our client, sometimes years later

How can we help?

• Mortgage re-negotiation; securing a better interest rate, amendment to the term, transfer of equity
• Sale of your property and Settlement of your negative equity

If, like many NI homeowners, you bought your first home between 2004 and 2008 you may well find yourself trapped in a property that neither need nor want.

Has your family grown and you need more space?

Is the “starter home” you purchased now too small? If this is the case, and you need to move, take expert advice to determine your options. Negative Equity NI has assisted 100s of homeowners, just like you, move on from property debt.

Our clients get expert advice following a Case Analysis (see our Solutions page), here we’ll get to the heart of your situation, provide a suitable recommendation and actively help you move forward, typically with either:

• Mortgage re-negotiation /term extension on a prepayment basis
• Sale of your property and Settlement of your negative equity

We are helping clients daily who have let their “starter home” and moved elsewhere as they were not able to previously sell, due to negative equity.

This is a very common problem for NI property owners who bought for the first time in 2004 to 2008.

Is your rental property losing you money?

Do you have consent to let from your lender? Is the rent covering all costs including mortgage interest, rates, insurance, management fees, maintenance, void periods?

Have you sought tax advice regarding Section 24? Will your property increase in value, significantly enough, for you to repay the debt before the end of term?

Many of our clients seek advice who are in this specific situation. Often, by letting a property long term, they are simply “kicking the can down the road”.

By completing a detailed Case Analysis to answer these questions we can provide a suitable recommendation and actively help you move forward, typically with either:

• Mortgage re-negotiation; securing a better interest rate, amendment to the term, consent to let from the lender
• Sale of your property and Settlement of your negative equity

Are you relying on unsecured debts or assistance from family to meet your mortgage payments?

Are you facing mortgage arrears, repossession?

Trying to continue with an unaffordable mortgage is rarely a good idea. Once instructed we can take over all lender (and solicitor) communication and negotiate a sale of your property, and an affordable settlement in relation to any shortfall (negative equity).

If your property is in negative equity, we are the experts. Having worked successfully with hundreds of clients to bring an end to their existing financial pain and anguish, we certainly know what we are talking about and our 5 star testimonials demonstrate this – find out what our clients had to say about the services they received on reviews.co.uk.

Our experienced, multi-skilled staff consisting of Chartered Accountants, Insolvency Practitioners and banking professionals are experts in the broadest possible range of tried and trusted debt solutions. These range from bespoke informal settlements, Individual Voluntary Arrangements (IVAs) through to improved re-negotiation of existing agreements and mis-selling claims.
Using our impressive armoury of solutions, in tandem with superb relationships developed over many years with the vast majority of UK lenders, we have achieved over £40M of debt write-off across the past 3 years. Our average write-off, across all clients, is an impressive £74,546.

Not only do you get complete access to this unrivalled experience and expertise, but you also have the comfort of knowing you are working with an organisation authorised and regulated by the Financial Conduct Authority (FCA) – FCA number 688199.

Our main objective is to help you move forward from your current position, which is probably a mix of anxiety, confusion, stress and frustration, to one where these financial difficulties have been resolved/significantly improved, allowing you and your family to plan confidently, positively and happily for the future.

Your lender is duty bound to treat you differently if you are in genuine financial hardship. After speaking to us we may refer you to a free debt advice service.

Is your property no longer suitable due to:

• Access/mobility – you live in a two-storey home and require a bungalow or ground floor flat
• Proximity to family support network
• Affordability – you are no longer working full time and need to exit the mortgage market as you cannot afford to repay your negative equity mortgage

Dealing with Ill health and negative equity can be stressful.

At Negative Equity NI we successfully negotiate 100s of sales and settlements for negative equity property owners who needed to move.

Your lender is duty bound to treat you differently if you have genuine health problems.

During a detailed Case Analysis, we will ask about your health issues, so we understand your circumstance better. We can bring a proposal to your lender to enable you to move when you need to, allowing us to negotiate both the sale and settlement of any shortfall (negative equity), on your behalf.