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When everyone has a home

028 9024 5640: Housing & Debt Helpline for Northern Ireland

Northern Ireland Mortgage Market Review

The Council of Mortgage Lenders recently held an event in Belfast looking at the state of the local mortgage market. 

A range of expert speakers offered commentary on NI’s mortgage market from an economic, construction, valuation, lender and legal perspective.   Many of the presentations focused on the unique characteristics impacting the market locally such as:

  • High levels of negative equity
  • Record numbers of personal insolvencies
  • Lack of house building
  • A ten fold increase in the number of repossessions since 2007

Ursula Toner, Advice Services Manager with Housing Rights, told the audience that many borrowers just managing to make ends meet, would be gravely impacted by any interest rate rise or change to the benefit system.  She also stressed the importance of early engagement between borrowers and lenders, and access to advice, as being vital to a positive outcome for all.

 

This article was written on 30 April 2015. 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.