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Boost for Northern Irish mortgage strugglers

by: Adam Williams
  • 02/06/2015
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The Northern Irish assembly has increased funding provision for the main mortgage debt service in the nation.

 

The Northern Irish assembly has increased funding provision for the main mortgage debt service in the nation.

Following a review, the Stormont-based assembly has announced plans to increase funding for mortgage advice by 50%.

Mortgage borrowers in Northern Ireland were hit hard by the financial crash with house prices still some way behind peak levels. However, the market has started to grow once more.

To assist those in debt, the Housing Rights Service will now see its budget for mortgage advice increased to £340,000.

Last year more than 1,600 households in Northern Ireland received support from the service.

The review into Northern Irish borrowers found high levels of both negative equity and houses at risk of repossession. It said the nation’s advice services needed to be better targeted and better funded.

Janet Hunter, director of the Housing Rights Service, said: “This means we will be able to help even more people facing difficulties with housing debt.”

 

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