They have been dubbed “mortgage prisoners”, and it had been suggested they could be stuck for perhaps six to 12 months or so. But some flat owners are now being warned that without official intervention, it could be a lot longer than that. Cox was trying to sell his property, but the prospective buyer had been unable to obtain a mortgage on it, leaving Cox feeling trapped. “Unfortunately, in the short-term at least,” the letter said, building owners including L&Q could not provide the documentation that some lenders were requesting. That means these owners can’t sell up or switch to a cheaper mortgage.

Source: The Guardian December 28, 2019 06:56 UTC