Sunday September 20, 2020

Negative equity products just a start

As the number of people in negative equity grows, only a few will be able to take advantage of mortgages tailored to enable them to improve their situations, writes Emma Kennedy.

4th March, 2012
Trapped in negative equity: the harsh reality being endured by thousands of Irish homeowners. Photo: Getty

Almost half the mortgaged properties in Ireland are now likely to be in negative equity, according to figures published by the Central Bank last month, meaning the outstanding mortgage was greater than the value of the property.

According to a report by the bank's economists, at the end of 2010 more than 145,000 houses, with total outstanding mortgages of €41 billion, were in negative equity.

The report estimated that, if house prices were to fall a further...

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