This Belfast client approached Landlord Debt Advisory with a buy-to-let property which he had bought at the height of the market with an outstanding mortgage of £150,000. This was on an interest-only basis with only 3 years remaining on the term and the property was only worth £60,000, leaving him with a negative equity value of £90,000. Our client was worried about a rise in interest rates and what this would mean for his monthly mortgage payments.
The client approached the LDA team asking if we could help. We were able to sell the house via a local estate agent for £60,000. London Debt Advisory also approached the lender and we were able to negotiate an excellent deal whereby our client paid a settlement of £10,000 to the lender. We had achieved a total debt write-off for the sum of £80,000. Our client has since been able put his mortgage debt nightmare behind him.
If you are one of many landlords in the UK trapped in a property that’s in negative equity, we can help you too!
We are helping 100’s of landlords around the UK deal with negative equity and property debt issues. Our expertise, experience and relationships with banks is second to none and we are regulated by the FCA and CARB, that’s why you can trust us to help you.