Why We Are So Successful in Helping Our Clients with Negative Equity Mortgage Negotiations

 

While the global financial crash happened over a decade ago in 2008, thousands of families are still keenly feeling its impact today. Many people found themselves in negative equity following the 2005 property boom where they paid high prices for property which subsequently fell by as much as 50% in some cases following the 2008 crash. Therefore, many property owners, find themselves owning, or living in homes which are worth less than the high value mortgage they are currently paying.

Being locked into an interest only mortgage means that, any small rises in the value of the property have had little impact on the property’s negative equity. This has meant property owners were unable to downsize, sell, move home or change their mortgage provider because lenders consider their high level of negative equity as a huge risk.

As a result, many owners find themselves trapped in ownership of properties which they can’t sell on and are suffering financial pressures due to high mortgage repayments. This, coupled with the potential impact of Brexit and rising interest rates could spell disaster for many property owners currently in negative equity.

Negative Equity Northern Ireland have been successfully working in the industry for the last four years helping to provide property owners with innovative solutions to deal with their negative equity. Having negotiated on behalf of thousands of property owners who have found themselves in the negative equity trap, Negative Equity Northern Ireland have been at the forefront of providing property owners with solutions to their negative equity problems. We can negotiate with your mortgage company on your behalf to help you move home and port your mortgage to a new property. We can also negotiate to reduce your payments and even help buy you out of your property so you can say goodbye to your negative equity and start afresh.  

According to Richard Ramsay, Chief Economist from Ulster Bank, First time buyer activity over the last 10 years, “has soared by 262% as compared with 35% for the home-mover market.” (https://www.belfasttelegraph.co.uk/business/northern-ireland/northern-ireland-firsttime-mortgage-levels-last-year-highest-since-2004-37862184.html)

This stagnation in home movers exposes the negative equity trap which is preventing property owners from selling or moving house. Mortgage lenders are highly unlikely to offer competitive mortgage products to buyers in negative equity given the risk they represent. This means that many homeowners are stuck with their current lender and can’t move. 

NENI are highly trained in assessing our clients’ needs and providing advice on the range of options in dealing with negative equity available. We are regulated by the FCA and as such are subject to stringent rules and regulations which are designed protect our clients against the provision of bad advice. As experts in the field of negative property equity, we are experienced in understanding the UK and particularly, the local Northern Ireland property market. We understand the problems associated with negative equity for our clients and have successfully negotiated on behalf of 1000’s of property owners to help reduce their debt burden by changing the terms of their mortgage.

There are lots of options available including increasing the term of your mortgage to reduce your payments and helping you to pay off your property’s capital value so you can reduce your negative equity. We can act as an intermediary to negotiate more favourable terms so you can remain in your property for the longterm. We assess each case individually and help you decide whether the best way forward is bankruptcy, an IVA or new mortgage terms.

With two-fifths of properties in Northern Ireland in negative equity there is a great need for NENI services as we can negotiate directly with mortgage lenders on behalf of homeowners to reduce debts. We have helped hundreds of homeowners who found themselves in negative equity through no fault of their own to move forward with their lives and successfully sell their homes, downsize or reduce debt. We can also help you to make the right choices by offering you professional, considered. customised and confidential advice.

Our success speaks for itself, with many happy clients who can now see a way through their debt and have the opportunity to reduce their negative equity. There are many reasons why people come to NENI they may find themselves in negative equity following the recession and can’t see a way out. Relationship breakdown can also mean mortgage repayments are more difficult to afford. Moreover, downsizing isn’t an option due to negative equity as changing lenders can be difficult. So, if you find that you need help with negative equity and can’t change mortgage provider or move home, why not get in touch and see how we can help.

Our team of property debt specialists offers a range of possible solutions based on your situation

Whatever your circumstances, the process starts with a case review. We will obtain all of the original documentation on your mortgage from your lender so we can assess your needs and work out the best way for us to help you