Looks like these people bought a second home in East London on an interest only mortgage that has risen from 1% to 5%. From the sounds of it they've been letting it out on air b&b but are now trying to sell it.
They say they're waiting for rates to drop and calling the current rates mind boggling. The current rates are the return to the norm imo. They could be waiting years for rates to drop, and I doubt they're dropping back to the 1% they had before.
Not suprised they've not had any offers, could get a second bedroom for that price.
Across the capital, prospective buyers and remortgaging homeowners are finding themselves slapped with mind-boggling lender rates and deals being withdrawn at the eleventh hour. Claire Cohen speaks to those in crisis
www.standard.co.uk
1 bedroom apartment for sale in Wadeson Street, London, E2 for £450,000. Marketed by Purplebricks, covering East London
www.rightmove.co.uk