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26/03/2008
Mortgage Debt Rising Fast
The cost of buying a home in Northern Ireland is escalating fast with mortgage debt rising faster than anywhere else in the UK.
The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
As a result, house repossessions via the courts have risen too - by almost 40% in just six years - with experts predicting that figure will rocket over the coming months.
Court Service figures confirm a significant increase in mortgage repossession actions - from approximately 1,600 in 2002, up to 2,213 in 2007 - but at the same time, research by credit reference agency Experian has revealed that on top of growing mortgage debt, Northern Ireland also experienced the biggest change in total debt, up 23% in the last 12 months.
The findings also showed that spiralling house prices - where the NI average is £250,586, and the UK is £222,256 - represent a hike of 39% in just one year, compared with just 6% nationwide.
Analysts agree there are tough times ahead - especially given the recent hikes in fuel prices, rates and grocery bills - with some feeling that consumers were duped during the property boom.
(BMcC)
The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
As a result, house repossessions via the courts have risen too - by almost 40% in just six years - with experts predicting that figure will rocket over the coming months.
Court Service figures confirm a significant increase in mortgage repossession actions - from approximately 1,600 in 2002, up to 2,213 in 2007 - but at the same time, research by credit reference agency Experian has revealed that on top of growing mortgage debt, Northern Ireland also experienced the biggest change in total debt, up 23% in the last 12 months.
The findings also showed that spiralling house prices - where the NI average is £250,586, and the UK is £222,256 - represent a hike of 39% in just one year, compared with just 6% nationwide.
Analysts agree there are tough times ahead - especially given the recent hikes in fuel prices, rates and grocery bills - with some feeling that consumers were duped during the property boom.
(BMcC)
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07 August 2009
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
06 March 2013
Danske Bank Offers Mortgage Incentive
A major new campaign has been launched aimed at attracting new mortgage customers and boosting the mortgage market in Northern Ireland.
Danske Bank Offers Mortgage Incentive
A major new campaign has been launched aimed at attracting new mortgage customers and boosting the mortgage market in Northern Ireland.
18 January 2013
NI Debt Service Launched
A new debt advice service has been launched across Northern Ireland by Advice NI. The new service follows a £2.5m award from the Department of Enterprise, Trade and Investment. The integrated debt advice, Debt Action NI, service will run until 2015.
NI Debt Service Launched
A new debt advice service has been launched across Northern Ireland by Advice NI. The new service follows a £2.5m award from the Department of Enterprise, Trade and Investment. The integrated debt advice, Debt Action NI, service will run until 2015.
30 January 2024
Groundhog Day: Advice NI Urges Households To Seek Support As 'Heat Or Eat' Conundrum Continues
NI's largest advice charity dealt with 4,062 cases and £43.4 million in household debt during 2023 As Groundhog Day approaches, Advice NI is encouraging households to seek financial advice and free themselves from the seemingly never-ending cycle of debt.
Groundhog Day: Advice NI Urges Households To Seek Support As 'Heat Or Eat' Conundrum Continues
NI's largest advice charity dealt with 4,062 cases and £43.4 million in household debt during 2023 As Groundhog Day approaches, Advice NI is encouraging households to seek financial advice and free themselves from the seemingly never-ending cycle of debt.
21 August 2008
High Level Support For First Time Buyers Scheme
A metaphorical 'tightly-bolted door' that is keeping many first-time house buyers out of the market, could be about to be unlocked, through a new bank-led initiative. Ulster Bank has joined forces with property developers from across Northern Ireland to support hard-pressed first-time buyers onto the property ladder.
High Level Support For First Time Buyers Scheme
A metaphorical 'tightly-bolted door' that is keeping many first-time house buyers out of the market, could be about to be unlocked, through a new bank-led initiative. Ulster Bank has joined forces with property developers from across Northern Ireland to support hard-pressed first-time buyers onto the property ladder.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
