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.