Whether it is the property crash of 2008 or the Coronavirus Covid-19 pandemic of 2020, the affects of these two major financial crashes will be felt for years to come.
A fall in property prices when there was originally very little equity in a property in the first place, will lead to negative equity in your property.
The Good Old Days
In “normal” times, when you invested money into property, the saying was that you could go wrong. Famous last words!
For years that was indeed the case, that property was a good investment and would always slowly but steadily rise in value.
These times are not now normal and if you find yourself in negative equity, you need to do something about it now.
Act Now If You Have Negative Equity
You cannot just wait to see what happens or hope that your property will sudden leap in value this year. It is not going to happen.
If you know you are coming to the end of your mortgage term, this also makes the situation more urgent too.
The first call you must make is to your Lender to see if they can help in any way.
Unfortunately, the standard answers from Lenders is that you will have to pay more each month to help reduce the deficit and they also might be abe to extend the term of the mortgage too.
These two things are not much help if you cannot afford to pay extra each month towards the mortgage and also, a lot of people have interest only mortgages and extending the mortgage term will not make any difference at all.
Negative Equity In Northern Ireland
Negative equity in properties in Northern Ireland is a really big problem. Even more so than England, Scotland or Wales.
In N.I. there was a boom in property prices in 2007/2008 and many people jumped on the property band wagon and bought at the height, only to find out that soon after, the values would drop like a stone.
What was initially intended as a way to make a profit, actually turned out to a way of losing money, quickly!
For anyone with negative equity in N.I., you need to get in touch with us a soon as possible to see how we can help you get out of the situation for good.
The circumstances are ruining a lot of peoples lives and the worry is affecting their health.
There are legal ways to deal with the situation and if you want to have a chat about it without any obligation at all, please do get in touch,
It might just be the most helpful phone call you have had in a long time and it could reduce your stress levels and worrying considerably.
Anywhere In Northern Ireland
It doesn’t matter whether you live in Belfast, Londonderry/Derry (aka stroke city), Bangor, Lisburn, Omagh or Newry, we can help you.
You can live in Counties Down, Antrim, Armagh, Londonderry, Tyrone or Fermanagh, we can guide you through it all, but you must start the process by getting in touch now!