Figures released recently have revealed that over 1,800 properties were repossessed in Northern Ireland in the last year, with more than 80,000 homes and around 19,000 business failing to meet their mortgage repayments over the financial year. With such a large number of defaults came a record breaking level of outstanding mortgage payments totalling £157 million by the end of March 2010.
Almost £100 million of the outstanding amount was owed by businesses alone and over the same period, 3,658 repossession order notices were issued according to the NI Court Service. Repossession didn’t occur in all the cases, but almost half of the property owners involved, 1,804, had to hand over their keys and were evicted.
