You Can Move House Even If You Are In Negative Equity

As many as two-fifths of homeowners in Northern Ireland have found themselves in negative equity as a result of the property crash of 2008 and due to other factors such as relationship breakdown. During the years leading up to the 2008 recession, many people pushed their affordability to the edge in order to get on the property ladder or upsize their homes.

FAQ

If I have an interest only mortgage and I am in negative equity, can I still move house?

There are many options available to you if you find yourself in negative equity. Negative Equity Northern Ireland are skilled in negotiating on our clients behalf and have successfully helped many property owners to move to new homes. This may involve downsizing or moving to a cheaper area which can reduce their negative equity burden. We negotiate on behalf of our clients and are regulated by the FCA which means you are protected. Our service is confidential and our staff are experts in advising you about the best options for your circumstances.

My husband and I are getting a divorce and I need to downsize because I can’t afford the mortgage on my own. We have been in negative equity for the past 10 years. Will we still be able to go our separate ways and will I be able to get a fresh mortgage or change the mortgage into my name?

There are many reasons why people find themselves in negative equity. Often financial pressure can cause relationship pressure. Regardless of the reasons for your negative equity, our experienced FCA regulated advisers can offer you a way forward. If you want to buy out a partner and take on the mortgage yourself, it may be possible to increase the term of your mortgage to make repayments more affordable. So before you consider selling your property and downsizing, have a chat to our experts who can go through the options with you and help you make an informed choice.

I am an accidental landlord because I couldn’t sell my house during the recession because I am in 30% negative equity, so I had no option but to rent it out. Now the rent I get is lower than my mortgage repayments and I’m losing out, will I ever be able to sell this property on even if it is in negative equity with an interest only mortgage?

If you own a rental property which is in negative equity it’s possible to do so. We can negotiate with your mortgage company directly on your behalf to transfer the negative equity debt away from your landlord mortgage so that you don’t have to go bankrupt. We can help you negotiate favourable debt terms and provide a managed way forward to reduce your debt so you can move on.

I am a landlord and some of my properties are in negative equity. I’m losing money on low rents and high mortgage repayments and want to sell. With changes in Capital Gains Tax due to come in, in 2020, I need to reduce my portfolio. Will I be able to sell properties if they are in negative equity?

Many landlords bought properties during the construction boom and find themselves in negative equity with falling rental prices. If this is your scenario, then we can help. We can look at all your circumstances and negotiate with lenders directly to secure better interest rates or an increase in the term of the mortgage. We can also help you change over to a repayment mortgage so you can decrease your equity. Selling on property is an option, but it maybe possible to weather the storm if your debts are decreased. This means that as property prices rise your negative equity will be decreased over time and you will also be reducing the capital value of your mortgage loan by having a repayment vehicle. Speak to our experts at Negative Equity Northern Ireland for free confidential advice.

My house is in 40% negative equity since 2008 because I bought just before the crash. I’ve had an interest only mortgage for the last 8 years and haven’t made an impact on this negative equity. Can I still move house and downsize?

Negative equity isn’t in itself a bar to moving. However, quite often consumers find it difficult and stressful to successfully negotiate the best new terms for their mortgage so that they can move. At Negative Equity Northern Ireland, we have 4 year’s of experience of doing just that on behalf of our clients. We have helped our clients by assessing their circumstances, affordability and negative equity rates to come up with the best solution for them. This may involve negotiating better interest rates, increasing the term of the mortgage and selling the negative equity debt so that you can obtain a new mortgage on a smaller or a cheaper property. Staying put and continuing to pay high mortgage repayments on a home that no longer fits your needs is not the only solution. So if you’re trapped in negative equity and need to move house, speak to our experts and let them guide you towards the best solution for your needs. Why not use our Negative equity Calculator to see how much how much Negative Equity you are in and how you can reduce it?

If you find yourself in the situation of negative equity selling house then call us today on 0161 660 4403 to see how we can help.