Repossessed NI Properties Sell At 42%

Repossessed properties in Northern Ireland sold for about 42% of their true market value between 2008 and 2013, according to mortgage servicing company HML.

Out of all regions in the UK, Northern Ireland was the worst affected, according to new data from the group.

Scotland, the North-West and the North were behind Northern Ireland at 63% while the least affected region is Greater London, where properties sold for an estimated 78% of true market value.

Damian Riley, director of business intelligence at HML, said: "Many repossessed Britons do not realise that they may still owe their former mortgage lender money if the property sold for less than the value of their mortgage.

"The regional figures show there is a North/South divide, with repossessed properties typically selling for well below market value more in the north than in the south.

"As always, we urge borrowers to contact their lender as soon as possible if they are struggling, or may soon struggle, to keep up with their mortgage repayments."

(IT/CD)