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When everyone has a home

028 9024 5640: Housing & Debt Helpline for Northern Ireland

The mortgage market in Northern Ireland - CML event

The Council for Mortgage Lenders (CML), with the support of Housing Rights,  hosted a conference “The mortgage market in Northern Ireland” in Belfast on the 24 May 2016.

Leading experts in the world of mortgages reviewed the current situation in the UK and in particular Northern Ireland. A range of speakers offered their knowledge and insight on economic forecast, recovery & growth, negative equity and alternative housing solutions.

Richard Ramsey, Ulster Bank Chief Economist

Economic recovery is making some progress here but Richard Ramsey, Ulster Bank Chief Economist warned that we should expect further cuts to public expenditure and the inevitable effect that will have here in Northern Ireland.

Alan Bridle, Bank of Ireland Economist

Alan Bridle, Economist for Bank of Ireland went on to say that he believes Northern Ireland is in a vulnerable position for an interest rate ‘shock’. This will have far reaching impact on homeowners across Northern Ireland, especially those in negative equity of which he states effects 40% of properties. 

Dr Jennie Donald, NIFHA Deputy Chief Executive

Dr Jennie Donald, Deputy Chief Executive of NIFHA, spoke to the conference of the new products and approaches emerging around affordable housing and bridging the gap between home ownership and social housing . Housing developments with mixed tenure are a focus of affordable housing, especially new build properties that are energy efficient. There are a number of schemes  will help people own their home as forms of co-ownership such as Fairshare and OwnCo.

Tom Papworth, CML Senior Policy Adviser

Tom Papworth, Senior Policy Adviser at CML spoke of his concern regarding the changes to the SMI waiting period from 13 to 39 weeks, he didn’t think it was realistic to expect borrowers to have enough savings to cover their mortgage payments for that length of time especially when most lenders won’t hold back on starting possession action.

Ursula Toner,  Housing Rights Advice Services Manager

Ursula Toner, Advice Services Manager with Housing Rights, gave the conference an overview of some of the positive outcomes we have acheived for those struggling with mortgage debt. She emphasised the need for borrowers to seek help at an early stage and how Housing Rights offers specialist debt advice to help those in mortgage debt. She stressed to the audience that above all, we want to work with the lenders to achieve the best outcome for the client.

Mortgage Debt Advice Service

Housing Rights offers a free independent mortgage debt advice service to people in Northern Ireland who are worried about losing their home.

We can give free mortgage debt advice to people;

  • struggling to pay their mortgage,
  • missed mortgage payments,
  • due to attend a repossession hearing at court,
  • worried about negative equity, or
  • afraid of losing their home.

Our Mortgage Debt Advice Service can be reached on 0300 32 30 310.

Tagged In

Repossession, Policy, Affordability

This article was written on 26 May 2016. It should not be relied on as a statement of the current law or policy position. For help with housing issues please contact our helpline on 028 9024 5640 or use our online chat service at www.housingadviceNI.org.