February 3, 2017

Do you own a buy to let property which has become unaffordable?

Every week we receive enquiries from owners of Buy-to-Let properties which have become unaffordable.

Typically, borrowers have been managing one or two properties and supporting the mortgage payments by topping up the rent from their earned income.

Changes in employment, the loss of a tenant, or a need for expensive repairs or refurbishment, can result in the borrower being unable to meet the monthly payments and arrears quickly build up.

When the property is in negative equity, it can’t be refinanced to a more competitive mortgage deal, or sold to clear the loan.

In such circumstances it’s important to seek advice as soon as possible.

Contact us to discuss your options.