how-you-can-get-out-of-negative-equity

How you can get out of Negative Equity?

How you can get out of Negative Equity?

When it comes to Negative Equity there are options available to you.  Negative Equity UK have helped thousands of clients all over the UK and Northern Ireland move on from their negative equity situations and the results are that over £130 million of property debt has been written off.

Despite the fact that the financial crash occurred over a decade ago in 2008, many thousands of families are still keenly feeling the 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 recession. Therefore, many property owners, found themselves living in homes which were worth less than the high mortgage they were paying. 

With some property owners having interest-only mortgages, any small rises in the value of their home have had little impact on their negative equity values. This has consequently meant they were unable to downsize, move home or change their mortgage provider due to their high rate of negative equity. As a result, many families are trapped in their homes and suffering financial pressures due to high mortgage repayments. This coupled with the potential impact of rising interest rates could spell disaster for many property owners in negative equity. 

How we helped Rodney & Julie:

Rodney & Julie purchased their 3 bedroom house at the end of 2007 after getting married.  They now have 3 kids and were hoping that the housing market would improve but it has not and they needed to move to a bigger home and thought they were stuck in their negative equity situation.  They thought they would need to borrow money from their family in order to move on from their negative equity house. They were reassured from the level of service provided by the advisor from Negative Equity initially and the rest of the CD Fairfield team throughout the process.  Just over £70,000 was written off from their mortgage shortfall within 18 months and they were able to move on to a bigger house afterwards. They were delighted with CD Fairfield and have recommended them to one of their friends in the same situation.

What we can do for you:

You can check out some of our recent settled cases here and if you are looking to find out more information on the following options, click on the links below:

With any of the above situations, the first step is a “Case Review”.  Here we look into your mortgage, complete affordability checks, and look at how best you can present yourself to your lender should you choose to do so. We’ll recommend the best way of dealing with the problem based on your individual circumstances.

After the case review has been carried out you will receive a list of our recommended options specific to you. 

What protection will you have if you use Negative Equity UK?

FCA Authorisation enables Negative Equity UK (CD Fairfield Capital) to advise and represent clients with property debt issues but it also prevents them from recommending a course of action that is not in the client’s best interest. All advice is open to scrutiny and redress via the Financial Ombudsman Service.

Speak to one of our advisers today on 0161 660 4403 to see how you can get out of negative equity.

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