We Have Mortgage Debt Solutions, For You!

Why Our Mortgage Debt Solutions Are Better For You

If you are a victim of negative equity, you need help.

Not just advice, but proper hands-on help. That means the active, participatory intervention of experts who take the lead and lighten the load on your neck and shoulders by making YOUR problem THEIRS and then delivering a positive outcome on YOUR behalf. There is little point in you wasting time worrying about things you cannot change. Right now you may be deeply entrapped in negative equity and unable to move because of that fact. Understandably you are hugely stressed and wondering what fate may await you. It’s guesswork, of course. You really don’t know where you stand legally so you have no idea of what to expect.

But what you DO know is that your home is worth a lot less than when you bought it, which means that if you were to sell now the price fetched would be well short of the amount required to clear the outstanding balance on the mortgage you borrowed in order to buy it. You can spend hours, days, weeks, months worrying about this. But to what end?

The very fact that you are reading this article suggests you could be in the midst of just such a crisis right now.

You know exactly how this feels, don’t you? It’s a situation in which your heart sinks each time you see the postman or woman approach your door. It’s the same when an unknown number comes up on your phone. In other words, it’s a case of non-stop worry leading to the sort of anxiety that slowly erodes your confidence, eats away your self-respect and finally wears you down to the point where you no longer trust your own judgement on anything or believe in your ability to solve this huge problem. As you now see it, you’re a loser.

It probably doesn’t help to know that you aren’t alone. If you are in negative equity, you are one of 63,000 such householders here in Northern Ireland. That’s a whopping 41% of home-owners. So here is some very welcome good news – in the eyes of Negative Equity Northern Ireland, you are not a loser. Instead you’re an unfortunate victim of circumstances you did not create. That isn’t someone who deserves to be written off.

But rather than struggling on your own with a problem you almost certainly cannot solve, wouldn’t it make a lot more sense to seek the help of results-proven experts who pride themselves on their ability to find solutions for people who are deeply ensnared in debt, hugely stressed as a result and now wondering what they can do?

Because they are experts, Negative Equity Northern Ireland know a lot of things you don’t. They are highly skilled, time-served professionals who, as well as being very well educated in these matters, have years of experience in the fields of house prices, the wide range of mortgages available, interest rates and everything else that goes with home ownership. That is the level of know-how required in your situation because this is complex – way too complex – territory for anyone who doesn’t know exactly what they are doing.

So, question: realistically, how much do YOU feel YOU know about these things? If you have answered honestly, the chances are you will have said, “Not a lot.” That’s a good answer, because it is the truth. And since it is the truth it may just be the first vital step on the way out of the negative equity maze in which you find yourself. So here’s another question: why continue to wrestle with matters of finance you do not fully understand and issues of law of which you may be totally unaware, particularly when the lenders and creditors against whom you are hoping to square up are big-money organisations backed by legal specialists?

Professional heavyweight versus an amateur featherweight? Put like that it’s a bit of a mismatch, isn’t it?

But Negative Equity Northern Ireland are in the business of levelling the playing field. Staffed by men and women with backgrounds in banking, they know how lenders think and operate. Having worked previously for the other side so to speak, they know what banks and building societies will and won’t accept. And because they know the law, too, they are conversant with what can and cannot be done by either side.

All the major lenders are aware of and respect that know-how, which is why they are willing to sit down with Negative Equity Northern Ireland’s negotiators and find a solution. Now, there are advisors who offer advice – and sometimes it is very good advice, too. But, alas, there it ends. In other words, they inform you of your options and then leave you to get on with implementing the best of those. Well. good luck with that.

Negative Equity Northern Ireland, however, don’t leave you to paddle your own figurative canoe, not least because they know metaphoric canoeists would be in real danger of drifting up that well known creek having lost their paddle on the way. Not a good place to find oneself. So Negative Equity Northern Ireland don’t just offer advice, point you in the right direction, wish you all the best and wave you goodbye as you head off upstream to encounter your waiting lenders.

Instead, armed with their in-depth knowledge of house prices, mortgages, interest rates and home ownership, and buoyed up by their years of experience in banking, THEY get into YOUR canoe and, acting on YOUR behalf, head for the negotiation rapids. These are rough waters in which novices are unlikely to survive. But experts, who have been through these waters before, know where the rocks are, know what to avoid and know how to go with the flow.

From start to finish, Negative Equity Northern Ireland’s staff put themselves in the front line for you. That means you are kept out of the battle.

They do the work for you, checking, researching and re-checking before coming up with a package that gives you a future because it is acceptable to your lenders/creditors. How and why? Because the banks respect NENI well enough to know that what is on offer is the most realistic, honest and fair outcome available.

The proof of the pudding? Well, NENI recently managed to negotiate a 90% negative equity write-off for a Belfast family. That’s a life-transforming result.

Are they glad they called us? What do you think?

Property Debt, What Are My Options?

Property Debt, What Are My Options?

Property Debt is a massive problem in today’s world. National debt, company debt, corporate debt, property debt, personal debt on secured and unsecured loans.

In what has become a way of life, we spend more than we earn. In many cases, a lot more. Far too much more, in fact. Mortgages and property debt play a big part in what we owe.

Certainly Northern Ireland is not immune. Like every other country in the so-called free world – how ironic – there is widespread debt and a glut of the problems that flow from it. This is not new, of course. As long ago as 1732, Thomas Fuller was warning his contemporaries: “Debt is the worst poverty.”

But you can go back a lot further, far beyond Fuller to the Old Testament books of 2 Kings, David and Proverbs where you will find censures against debt as a concept. Northern Ireland debt has reached record levels with an estimated 250,000 of its citizens now in serious trouble, 62% of that total made up of families in which, in over half of cases,  both parents are working.

Figures reveal that the amount borrowed in November 2015 – for  Christmas – was the highest for any month since February 2008 when the pre-recession credit blow-out reached its peak. And now borrowing – just to make ends meet – is rising again, giving rise to fears over borrowers’ ability to repay. Low income families are particularly vulnerable. Already it is believed that 217,000 adults – about 15% of the Northern Ireland population – are in greater debt than they can handle realistically. That means that if they were businesses rather than human beings, they would be deemed ‘no longer be viable’.

Unfortunately, human nature is to put off facing up to the problem for as long as possible. Denial, pride, fear, embarrassment, a sense of the perceived hopelessness of their situation and maybe a combination of each of those play a huge part  in the process.

Kathy McKenna  of Citizens Advice, has warned: “Sometimes it’s only when the situation gets out of control – for example when a client receives a court letter or eviction notice, or cannot get access to any more credit – that they will come seeking advice. Our experience shows that people generally wait a year before seeking out debt advice. However, waiting means their financial situation can spiral even further out of control, leaving them deeper in debt.”

Everywhere you look, it seems, debt problems abound, with negative equity and other debts accrued elsewhere combining to produce a particularly toxic cocktail.

Negative equity debt – where your home now is worth less than the mortgage outstanding on it – is a huge source of concern in the overall Northern Ireland scenario.

True, house prices have begun to rise so, finally, there is some welcome growth in the market. But that must be viewed against the backdrop which saw prices in Northern Ireland plummet far more steeply and quickly than elsewhere in the UK. Even in some areas where house prices have increased, they are only half-way back to the level in those days of seemingly endless money and totally affordable mortgages.

Make no mistake; we are playing catch-up – and look likely to be doing so for a long time to come. Meanwhile life goes on and ensuring that it does remains a major problem – but nevertheless the priority – for tens of thousands. Many want and require answers to just a couple of basic questions.

The first of these is: are there negative equity solutions?

‘Yes’ is the answer. From January 1 to June 30, 2015, Negative Equity NI succeeded in negotiating debt settlements which averaged 12.4%. That means that where the negative equity resulted in a £80,000 clearance shortfall at the time of selling, the average settlement was £9,920. In other words, £70,080 of property debt was written off as a result of voluntary, properly-negotiated-and-agreed-by-both-parties settlements. While selling the property to settle the property debt is pretty much inevitable, that does not mean you cannot buy another home, though that will depend on how the lender views your particular circumstances and the length of time involved in resolving your negative equity debt problem.

Your ability to buy will include such considerations as your credit rating, income, deposit funds and exposure to other debt. Here too Negative Equity NI will advise and assist you through each step of the process.

The second big question to which people need an answer is this: is there a solution to my mortgage problems and, if so, are there options, too?

Here, too, the answer is ‘yes’ and ‘yes’.

Normally there will be three options and having worked alongside you to find out your precise circumstances, difficulties and hopes, Negative Equity NI staff then will have the necessary information to arrive at the best-possible outcome for you.

Extending the term and/or changing the nature of the mortgage where, clearly, it was totally unsuitable and therefore ought not to have been sold to you are possibilities. So, too, is selling the house  in order to bring about a realistic, manageable debt settlement.

If you are in unaffordable property debt or are having problems with your mortgage it may be worth noting that the repossession rate in Northern Ireland in 2015 was four times higher than elsewhere in the UK. And it is now predicted that the number of Northern Ireland households at risk of repossession will rise from 15,000 in 2015 to 32,000 by 2018.

Negative Equity NI provide help in the form of advice and representation for homeowners in negative equity or those with mortgage problems. They have an unrivalled record when it comes to negotiating with banks and building societies on behalf of customers. If you think you may need help, it’s worth contacting us now for a free consultation.

We Can Help With Your Mortgage Debt Problems

Who do you turn to if your mortgage debt is piling up?

With staff working on over 300 clients in different stages of their case at any one time, we at Negative Equity NI are continually striving to do the best for those who are struggling with mortgage debt. Since the start of 2016 we’ve written off £1million in personal property debt for our clients.

A total of £1million written off for 15 cases across NI and the mainland. The average write off is £66.6k, 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 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 41% of households in Northern Ireland are affected by negative equity. That’s the highest percentage for any region in the UK with some 68,000 Northern Ireland households caught in the trap.

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 in our Belfast based office at Mount Charles to discuss your mortgage debt problems and we can take it from there.

If you want to hear about our success stories, take a look below at the testimonial from a very happy client

Larne Couple, NRAM Mortgage in £66,000 Negative Equity

We’ve recently helped a couple from Larne with an NRAM mortgage who were in £66,000 of negative equity – we were able to negotiate a 90% write off.

“We approached Negative Equity NI 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 NI”.

If you’d like to talk to somebody about your mortgage debt, contact us today or give us a call on 028 90236074.