NI mortgage borrowers most vulnerable to interest rate rise

By Lauren Burns

Northern Ireland mortgage borrowers face the highest risk of losing their home if interest rates were to increase, according to advice charity Housing Rights Service (HRS).

Recent research by the Resolution Foundation suggested that of all the regions in the UK, Northern Ireland has the highest ratio of mortgage borrowers at risk of being unable to avoid their monthly mortgage payments if interest rates were to increase - 1 in 6 property owners are expected to face difficulties repaying their mortgage over the next 4 years.

There were 703 property repossessions in Northern Ireland in the last quarter of 2014, largely as a result of negative equity which affects 41 per cent of people who purchased a house between 2005 and 2013. The rate of growth in the UK economy has increased speculation of an interest rate rise in the near future, though the Bank of England has suggested an increase is unlikely this year.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

To read more about property conveyancing in Northern Ireland click here.