We are helping clients daily who have let their “starter home” and moved elsewhere as they were not able to previously sell, due to negative equity.
This is a very common problem for NI property owners who bought for the first time in 2004 to 2008.
Is your rental property losing you money?
Do you have consent to let from your lender? Is the rent covering all costs including mortgage interest, rates, insurance, management fees, maintenance, void periods?
Have you sought tax advice regarding Section 24? Will your property increase in value, significantly enough, for you to repay the debt before the end of term?
Many of our clients seek advice who are in this specific situation. Often, by letting a property long term, they are simply “kicking the can down the road”.
By completing a detailed Case Analysis to answer these questions we can provide a suitable recommendation and actively help you move forward, typically with either: