Accidental Landlord

Did you buy your first home 2004-2008? Are you still saddled with this property in negative equity even though its no longer suitable for your needs?

Many clients have then let their first home with or without their lender’s consent as they have had no choice but to move due to:

• Growing family and first property too small
• Relocation for work or family support network
• Financial reasons

If this sounds familiar and you are either losing money each month or are likely to do so in the future then seek advice now. We’ve helped 100s of clients in a similar position. Often our client has bought another home and has been frightened to address their negative equity problem because of the equity in this property eg:

First Home – Flat – 2 bedroom:

• £150,000 mortgage balance
• £100,000 value
• £500 rent
• £700 costs ( interest only mortgage, council tax, management fees, insurance etc)

New Home – 3 bedroom semi detached:

• £200,000 mortgage balance
• £275,000 value

As you can see the client is losing £200 per month or £2,400 per year or £24,000 over 10 years. But what happens if:

• Interest Rates rise
• Section 24 taxation is due
• There are void periods
• The property never breaks even during the mortgage term

We are assisting our clients with this scenario every day. It is entirely possible to protect your new home, and sell the loss making first property, negotiating an affordable negative equity settlement that is much less costly than gambling with future house prices and interest rates.

Step one is a Case Review (imbedded link) to determine which options you qualify for.

See what our clients have to say: https://bit.ly/2USo4VO then call us on 0161 660 4403 or fill in the form below to discuss how we can help you.

Start getting help TODAY