Negative equity and end of mortgage term?Make Text Bigger
I have 2 properties both in negative equity to the tune of about £30K each on interest only mortgages. They are tenanted and mortgage payments have always been paid.
The mortgage term ends this summer and cannot be extended. I have no assets at all having lost everything in the credit crunch and cannot see any way out of this other than be the mortgage company repossessing.
Does anyone have any advice either on a creative way out of this, or on what happens when BTL properties are repossessed?
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