Blog

Thousands of expats across both the U.K and Ireland who have emigrated to a new life abroad still face property legacy issues at home. As a result, this has become an increasing predicament as many expats cannot truly start afresh in a new country whilst knowing that a property matter left behind remains unresolved.

It has recently been reported in the media that some €1.5bn worth of so-called “ware-house” mortgages will be the next negative property issue to sweep through the length and breadth of Ireland. A “ware-house” mortgage has been described as such as it is a mortgage where some regular payments are agreed and the rest of the sum is parked to the end of the term.

A husband and wife came to us with a property in significant negative equity with a leading UK Bank. This property had a mortgage outstanding of £174,932. The property had a value of £65,000, leaving them in a significant negative equity position of approximately £109,932.

It has recently been reported in the media that 5-year fixed rate mortgage deals have overtaken 2-year options as thousands of homeowners are becoming increasingly worried about the economy and therefore are eager to lock into lower interest rates.

This highlights the importance of ensuring that you are fully prepared for the economic uncertainty that lies ahead. More and more households are very keen to bring certainty to their mortgage payments. Interest rates have risen and will continue to rise therefore it is very important that you plan ahead to ensure that your mortgage payments remain affordable.

It has been highlighted recently in the media of some of the many drastic actions that people feel they had no choice but to carry out to finally put an end to their debt nightmare. People living with crippling debt often feel trapped, alone and in despair. In addition to this, many people face mounting pressure from their creditors through daily threatening phone calls and letters.

In 2017, a husband and wife came to us with a shortfall debt matter owed to a leading UK Bank from a commercial property that was voluntarily surrendered in 2014. This property was initially purchased with a commercial loan in 2006. However, in 2008, with the onset of the economic crash, they struggled to maintain the loan repayments.  

As the net proceeds received by the Bank were less than the property sale price and as the husband was now declared bankrupt, the wife was therefore then solely left with a shortfall liability totaling £247,797.

We, at GDP Equity Experts, would once again like to share with you another debt related matter that was successfully resolved this week. We are absolutely delighted at this outcome as this has lifted a massive weight off our client's shoulders and has enabled them now to move on with their lives.