Property type: Two-bed ground floor flat in a converted Bootle terraced house
Reason for auction: Repossession
Guide price: £10,000
Sold price: £19,000
History of This Auctioned Two-bed Ground Floor Flat in Bootle England
An experienced Merseyside landlord had borrowed too much money in the property price boom and then could not afford the repayments when the lender’s interest rate increased.
The lender enforced a clause in the mortgage contract when the value of the investor’s portfolio fell below a certain threshold during the recession. As it is the case for most property investors throughout United Kingdom.
This forced the owner to sell some of his rental properties to pay down and reduce the mortgage debts.
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