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Rental property sale fell through twice
Hello MSE community,
I'm grappling with some challenges after the sale of my rental property fell through twice—the first time it didn't go ahead, and the second buyer tried to reduce the price just before exchange. I'm now pondering how to deal with my mortgage company under these circumstances. The flat has just gone back on the market but considering how close we are to Christmas I am not holding my breath to secure a buyer anytime soon.
The issue is compounded by the fact that the rental income barely covers the mortgage, which is at a high interest rate and I'm taxed on income that is virtually non-existent after accounting for mortgage payments so reletting it is not an option for me.
Additionally, my mortgage company has indicated that I'm ineligible for a mortgage holiday since the flat is unoccupied. Does anyone have experience or advice on how to secure a mortgage holiday in this situation?
I would greatly appreciate any advice on these matters, including how to protect oneself from such setbacks in future sales.
Thanks in advance for your guidance!
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