9:20 AM, 26th September 2022, About A year ago 8
Hi, I have had a one bed flat for the last ten years, but it has not increased in value. The last tenant been in it for 4 years now.
The rent has not increased for at least 7 years.
So, negative equity ever since.
I cannot change BTL mortgage so interest rates have gone up 7 times this year. I’m only just scraping by financially.
Service charge on property is also extortionate in comparison!
Similar properties in area selling at loss so decided not to sell as mortgage outstanding is more than the property is worth.
Need advice if anything I can do to get out of this situation.
No profit being made, just costs being paid.
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