PHOTO: Mortgagee sales
House sales are still up but Kiwis who’ve lost their jobs and can no longer afford their mortgage are starting to sell their homes.
The six-month holiday on mortgage repayments ends next month and there are growing concerns that could open the floodgates for mortgagee sales.
From a pilot captain for Virgin to a casual council groundsman – COVID-19 has changed Brendan’s life in a way he never imagined.
“My wife and I have both lost our jobs with the COVID situation, so it’s going to take us a while to get incomes that would be able to cover the mortgage,” he says.
Not only has COVID-19 cost them their jobs, it’s now taking their home.
“We thought it would be prudent to look at selling the house,” he says.
They took the six-month mortgage holiday when it was announced in March but it expires next month.
Reality is about to hit hard for many. More than 139,000 borrowers have deferred some or all of their loan repayments. That’s $44.2 billion worth of loans, including mortgages.
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