No significant drop in NI property repossessions in 2013

By Gillian Crotty

New figures reveal that the number of property repossessions in Northern Ireland in 2013 decreased by just 1 per cent, or 38 repossessions, compared to the previous year, and that levels are still above those from before the property crash.

There were 3,694 repossession cases initiated in Northern Ireland last year, showing that mortgage arrears is still a significant problem in the country despite the improving fortunes of the economy and the property market. The extreme rise and fall of property prices during the boom and then the crash left many home owners in Northern Ireland with a negative equity problem - their mortgage debt exceeded the value of their property.

Despite the record low interest rate freeze at 0.5 per cent many mortgage borrowers were hit by redundancy, reduced pay, and/or rising living costs. Just one month of mortgage arrears is very hard to come back from, and many home owners find themselves taking on new debt to keep up with their mortgage, and others simply give way to repossession proceedings.

Mortgage lenders will generally seek to avoid reaching a repossession scenario, and mortgage borrowers getting into difficulties should contact their bank to see if some arrangement can be reached that will make their monthly mortgage payment more manageable.

If you require legal advice in respect of a repossession, bankruptcy or any other debt issue, contact one of the solicitors at Wilson Nesbitt in Belfast by calling 0800 840 9291.

Or submit your details online for a callback by clicking here.

 

 

 

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