Property owners paying off mortgages at record pace

By Michelle Rock

Home owners in Northern Ireland and the rest of the UK are paying off their mortgage at a record pace according to new figures from the Bank of England.

Property owners have for some time now been taking advantage of the record low interest rates to overpay on their mortgage and increase their equity share in their home. In the first quarter of 2015 mortgage borrowers in Northern Ireland and the rest of the UK paid off £13billion of their debt - a record amount.

With savings accounts offering a poor rate of income, many property owners are taking advantage of the frozen 0.5 per cent rate of interest to overpay on their monthly mortgage payments. Some home owners will have been doing so to reduce their negative equity problem, particularly in Northern Ireland where property prices fell sharply after 2007.

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