02/05/2013
Concern Over 'Interest-Only' Mortgage Payments
More than half of those in Northern Ireland with interest-only mortgages will struggle to pay off the final lump sum.
Around 40% of mortgages in the region are interest-only, according to the BBC.
However, it is understood a number of people are now in negative equity due to the housing crash occurring faster in NI than its UK counterparts.
The average shortfall could be up to £72,000.
A large number of those on interest-only mortgages now face the prospect of a sudden, and large increase in payments as they start paying off the capital, when their mortgage term ends.
The figures were released after the Financial Conduct Authority (FCA) warned about interest-only mortgages, stating hundreds of thousands of people across the UK would struggle to clear their loans.
(JP/CD)
Around 40% of mortgages in the region are interest-only, according to the BBC.
However, it is understood a number of people are now in negative equity due to the housing crash occurring faster in NI than its UK counterparts.
The average shortfall could be up to £72,000.
A large number of those on interest-only mortgages now face the prospect of a sudden, and large increase in payments as they start paying off the capital, when their mortgage term ends.
The figures were released after the Financial Conduct Authority (FCA) warned about interest-only mortgages, stating hundreds of thousands of people across the UK would struggle to clear their loans.
(JP/CD)
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03 February 2023
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
30 April 2008
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
03 April 2008
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
07 August 2009
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
23 September 2008
Ritchie To Tackle Home Repossessions
Those facing home repossession in NI have been pledged support. The NI Housing Minister Margaret Ritchie has announced that she will step-in and support those faced with losing their homes. The Minister said her proposed scheme would go further than those for struggling homeowners in the Irish Republic and the rest of the UK.
Ritchie To Tackle Home Repossessions
Those facing home repossession in NI have been pledged support. The NI Housing Minister Margaret Ritchie has announced that she will step-in and support those faced with losing their homes. The Minister said her proposed scheme would go further than those for struggling homeowners in the Irish Republic and the rest of the UK.
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Northern Ireland WeatherThis Evening and Tonight:Partly cloudy this evening with any remaining heavy showers soon clearing away. The rest of the night will then be largely cloudy with the risk of a few showers later. Minimum temperature 12 °C.