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Posts tagged Northern Ireland
House Prices in the South are Heading North

It appears that rising house prices and a more stable economy are helping drag the South from its burden of Negative Equity. With prices rising by 9pc in the last year alone more than 45,000 homeowners have seen their properties leave Negative Equity.

According to the ESRI's housing analyst Dr David Duffy if property values continue to rise at this rate nearly every home in the South will be free of Negative Equity by 2018. However he warns that the level of borrowing and property values pre 2007 mean that many homeowners will continue to be left trapped by the shackles of Negative Equity.

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Some Good News as Financial Markets Head South

As the financial markets are taking a battering today there is no doubt that some people will be feeling the Monday blues. On that note we thought we would share some financial good news that one of our clients received today.

Our week got off to a great start when a prominent Irish bank phoned today to accept our client’s offer of €10,000 in full and final settlement for their €80,000 debt shortfall post sale of a buy-to-let.

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Throwback Thursday! House Prices at 2005 Levels

So I have just returned from my Turkish holiday and just like in Istanbul ten years ago, the impossible appears to have happened. House prices in NI appear to be stabilising and are back to 2005 levels according to the Northern Ireland Residential Property Price Index.

Liverpool fans will remember 2005 for slightly different reasons but for the rest of us it is considered the last time the housing market could be described as normal. Prices doubled in the preceding two years before dramatically crashing and continuing to decline. Sound familiar Liverpool fans?

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Should I Be Concerned About Negative Equity?

Negative equity frequently features in the local news, and it's no surprise that it does. According to the most recent figures from the Office of National Statistics, approximately 68,000 homes in Northern Ireland are in negative equity. With such a significant portion of properties in negative equity, many people are worried about their homes.

Should you be concerned if your house is in negative equity? The answer depends on what your personal circumstances are...

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Consumer Debts? Look to the Experts.

If you've read our previous blogs or seen some of our recent success stories, you will know that we specialize in helping people and families who have been caught up in the negative equity trap. It's in our name, after all! But what if you find yourself in financial trouble but don't have negative equity? What if your financial worries are caused by unsecured debts such as credit cards or overdrafts?

Some advisors may tell you that formal insolvency (i.e. bankruptcy or debt management plan/IVA) is the only way to clear up these debts if you can't afford to pay them back, however that may not be your only option.

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Negative Equity: What is it and What Can You Do?

What does Negative Equity mean and how does it affect you? Basically, Negative Equity is when the value of an asset (say your home) is used to secure a loan (say your mortgage) and is less than the outstanding balance on the loan.

Negative Equity is dominating news stories and Northern Ireland is the most affected region in the UK. In Northern Ireland there are over 68,000 mortgages recorded where the loan balances of the mortgages are more than the property is worth. Think about that for a minute; if this was a settlement in Northern Ireland, it would be the fourth largest. If you are in Negative Equity, you are not alone in looking for a solution, we are all working on this together.

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Facing Repossession? Don't Delay in Seeking Advice!

Since the property market crash, the number of home repossessions is eight times higher than it was in 2007. Northern Ireland has a much higher number of repossessions than the rest of the UK.

This is grim news indeed, but there has been some recent improvement. The number of home repossessions has decreased slightly in the last 15 months, and GDP attributes this decrease to mediation between bank and borrowers.

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Negative Equity NI... Cannot Keep Up With The Joneses

A recent report by the mortgage servicing company HML suggests there is good news for UK homeowners. Negative equity is falling in the UK, down 85.4% in the last four years. According to the report, the number of homeowners in negative equity fell from 826,800 to 120,511 from early 2011 to 2015.

Surely this is great news for borrowers! Why, then, does the financial situation seem more difficult than the statistic suggests? Why do people in Northern Ireland feel overwhelmed with negative equity? As usual, there is more to the story than the headline.

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