Mortgage Shortfall in Co. Antrim
A brother and Sister purchased a Buy to Let together in Co Antrim. The Mortgage was for £218,000 but both parties were struggling to make repayments. The brother moved to Africa to seek work.
The client felt that there was no other option other than to surrender the keys to the lender.
Bell & Company liaised with the receiver and the property was sold on the open market for £88,000
Proposals on behalf of the client were submitted regarding the shortfall after a full financial review was undertaken by our team.
Accurate representations of the client’s circumstances were presented to the lender and effective negotiation ensured the shortfall of £130,000 was settled for just £12,000 which the clients were delighted with.