Repossessed NI properties sell at less than half of value

By Michelle Rock

Repossessed properties in Northern Ireland are on average being sold at 42 per cent of their true value, according to a new survey by mortgage provider HML.

While the survey results will be good news for first time purchasers and home movers in Northern Ireland, the original owners of the repossessed properties that defaulted on their mortgage payments are faced with paying the shortfall amount - so essentially they have lost their property and are still having to pay back 60 per cent of the original mortgage amount.

According to the survey, Northern Ireland properties are selling for the lowest percentage of their true value of all the UK regions - 42 per cent compared with the national average of 65 per cent.

Mortgage borrowers are advised to contact their mortgage lender if they are experiencing difficulties paying their monthly payments to get advice on the options available to them - repossession is not the end of your mortgage repayment obligations and should be avoided for as long as possible.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.