Joel Edmondson feels trapped and plunged into uncertainty.
With his brother, this owner of a small start-up bought an apartment to rent it in Islington, in the east of London.
But the loan will come to the end of the five years and to renegotiate it, the moment is nightmarish.
“
The cost is multiplied by three.
I had a rate of 1.9% and now it will be around 6%
, he is sorry,
the rent will no longer cover the repayments, I cannot triple it
.
This 30-year-old may therefore be forced to resell this rental investment apartment, but at a bad time since the market is down.
“
And I've been saving for ten years to buy another place to live.
I was going to take action but I will have to postpone my project
“, he adds.
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