We see it every day. As the leader in this area, working every day with the banks on behalf of our customers, we’ve already helped hundreds of home-owners to wipe out £millions in property debt.
We can do this because we understand how the banks work and we have excellent relationships with them. In fact, we have ex-bank staff working on our team, so you are advised by some of the best legal professionals and have full professional indemnity insurance.
So if you find yourself with a big mortgage, maybe one that's more than your house is worth, and you need to move, for a new job or because your family is growing, but you don't want thousands of pounds of debt chasing you around for years, there is a solution.
Given the recent economic climate and the sheer volume of negative equity across Northern Ireland and the UK, the banks are beginning to change how they think about historic property debt.
In most cases, and while banks can still be slow to react, we’ve perfected a system by which we negotiate with the bank on your behalf.
Engaging us gives weight to your case, makes sure all the details are uncovered and your case put across, fairly and squarely.
There are lots of reasons why the banks are writing off property debt here's 5 of those we encounter most often:
1. They don't want to go to court
If you’ve had issues and missed mortgage repayments, you may have had letters from the bank or their solicitors. And regardless of what those letters say, taking you to court is the last thing the banks want to happen its expensive and they're left with a property that they really don't want.
2. They don't want to repossess
Repossessions are bad news for everyone for you and your family. For the banks, they're left with an empty property that may be vandalised and can be difficult to market have you seen those poor, lonely listings on property sites with broken toilets and stolen boilers? Those are repossessions and they typically sell for 20% less than true market value. If that sale price is less than what you owe, you still owe the bank the difference.
So, while the bank may have accepted they wont get all of their money back, they still want to get as much back as possible. They choose to work with us because as part of our process, we spend a lot of time and effort marketing your property to achieve the best possible price.
3. It costs them money
Banks aren’t in the property business. They're in the money business. So they need to pay people to sell properties and that costs them money. In many cases, those properties that go to auction rarely achieve anywhere near the market price. And properties sold on the open market rarely achieve their true market value see above.
4. They want the market to start moving again
People trapped in properties are bad news for everyone. You cant move up the ladder and so people cant get on the ladder and that affects the banks market for lending. Helping you to move on in a way that is acceptable for everyone boosts the wider property market.
5. Its all about affordability
If you can no longer afford to make your repayments, the lender must take this into account. This is because they have a duty of care to you, their customer, and they must be seen to take into account your changing circumstances. In most cases, we can put together a proposal that suits your situation and is agreeable to your lender.
6. They want closure
And they want proper closure they want to know all the Is are dotted and the Ts are crossed by a recognised, licensed third party. So they trust the team at Negative Equity UK to do exactly that. We achieve solutions that are agreeable to all.
Negative Equity UK brings everything together, in one straightforward process, doing the legwork and everything else it takes to deliver a solution that suits you and makes the bank happy too.