With staff working on over 300 clients in different stages of their case at any one time, we at Negative Equity UK are continually striving to do the best for those who need it most. Since the start of 2016 we've written off £1 million in personal property debt for our clients.
A total of £1 million written off for 15 cases across the UK. The average write off is £76.6k, which equals almost an 80% write off for our average client. All cases and outcomes are based on varying factors such as affordability and change in circumstance but our highest write off so far this year was a whopping 96% for a client with a Santander mortgage meaning she only paid £2,200 of an outstanding negative equity balance of £61,781. Now that's something to boast about!
So What is Negative Equity?
Negative equity means that your home is worth less than the mortgage currently still owed on the property. In other words – say you bought the house for £150,000 in 2008 and it is now in 2016 only valued at £100,000, you would be in £50,000 of negative equity. If you were to sell your house for £100,000 you would still owe the bank £50,000.
Sound scary? You're not alone. Currently some 44% of households in the UK are affected by negative equity.
Perhaps you bought at the height of the boom and now it is time to move to a larger property due to an expanding family. It could be that your work circumstances have changed, leaving mortgage repayments more of a struggle. Maybe you have divorced or are in the process of divorcing, meaning you wish to sell the property to move on. Negative equity doesn't solely apply to single properties either some bought a second property at the height of the boom believing it to be an excellent investment, rather than the drain it is now. On top of these woes, many have an interest only mortgage, meaning they are effectively renting the property off the bank. But what happens when the interest rates rise? Or the term comes to an end and all the capital is owed on the house?
What Can You Do?
Regardless of your circumstance we can offer help. A free no obligation consultation is available to discuss your mortgage debt problems. Then we can take it from there.
If you want to hear about our success stories, take a look below at 2 testimonials from very happy clients.
We’ve recently helped a couple from Luton with a Northern Rock mortgage who were in £66,000 of negative equity once their house was sold – we were able to negotiate a 90% write off.
“We approached Negative Equity UK due to a change in our personal circumstances.
We unfortunately had bought our property at the height of the boom, and subsequently were heavily in negative equity, which meant that we were unable to switch our mortgage to a better deal, or sell the property in the usual manner.
The service we received was first class, Natasha (case manager) kept us up to date with all the developments & through negotiations with our lender, secured a write off of the negative equity on the property, with a settlement of 10%.
I would highly recommend this company, to anyone who has a property sitting in significant negative equity. Many thanks to the team at Negative Equity UK”.
Another recent success story is that of a couple with £82,000 in negative equity on their property in Salford. We were able to negotiate with Santander once their house was sold for an 11% settlement.
I was in over £82,000 negative equity and I truly believed there was nothing I could do about it. I saw an advert for Negative Equity UK and thought I had nothing to lose by talking to them as the first meeting was free. I was surprised at the number of options available to me and was relieved when they said they had the financial approvals to advise the best option for me.
From the beginning, the staff gave me clear guidance on how my case would be handled and what results I could expect. A year later and I have my flat sold, and paying just £9,500 of the remaining negative equity I am finally free from all the stress and an uncertain financial future. I couldn’t be happier, it was everything they promised it would be and I most importantly I didn’t have to declare bankruptcy or repossession.
The staff were on hand throughout the process to advise me and I have nothing but admiration for the job they have done. I would highly recommend this process to anyone. Thanks to all the team.
If you'd like to talk to somebody about your mortgage debt give us a call on 0161 631 2727