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10/06/2015
41% Of NI Homeowners Living With Negative Equity
A Northern Ireland based charity has expressed concern at the increasing level of mortgage shortfall debt across the city.
In 2013, Northern Ireland had the highest level of negative equity with 41% of homeowners living with negative equity, in comparison to Scotland at 13%.
On a recent poll by Debt Action NI, 68% of those who took the survey said that they would not be able to maintain their mortgage payments if there was any rise in interest rates. Over two fifths of those surveyed also said that their property was currently in negative equity.
Fiona Magee, Deputy Chief Executive, said: "Advice NI is deeply concerned both at the level of rising combined, and individual debt. This difficult situation is made all the worse by the numbers of people highlighting how much difficulty they would find themselves in if interest rates were to rise.
"This is a ticking economic and social time bomb which we all need to be aware of. However, help is at hand. We urge people to get in contact with the service if they are in negative equity and are struggling to pay their mortgage or if they have been left with a shortfall debt after their home has been sold or repossessed. Our service is free and our advisers are experienced with negotiating with lenders on a daily basis."
(CD/JP)
In 2013, Northern Ireland had the highest level of negative equity with 41% of homeowners living with negative equity, in comparison to Scotland at 13%.
On a recent poll by Debt Action NI, 68% of those who took the survey said that they would not be able to maintain their mortgage payments if there was any rise in interest rates. Over two fifths of those surveyed also said that their property was currently in negative equity.
Fiona Magee, Deputy Chief Executive, said: "Advice NI is deeply concerned both at the level of rising combined, and individual debt. This difficult situation is made all the worse by the numbers of people highlighting how much difficulty they would find themselves in if interest rates were to rise.
"This is a ticking economic and social time bomb which we all need to be aware of. However, help is at hand. We urge people to get in contact with the service if they are in negative equity and are struggling to pay their mortgage or if they have been left with a shortfall debt after their home has been sold or repossessed. Our service is free and our advisers are experienced with negotiating with lenders on a daily basis."
(CD/JP)
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