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.Read More