They bought at the very top of values.
Bought for about 300k, property next door currently for sale today for 210k,
90k negative if you look at purchase price only. As for interest, I'm not privvy to the actual figures at the moment..
I think the bolded bit is true, but it's reality - and I'm sure they don't enjoy being told how privileged they are for being landlords...
It still doesn't make sense.
A 90% 35-year mortgage at 4%, gives a monthly payment of €1,100.
After ten years, the outstanding balance is 219k, meaning they are only in negative equity of 10k. Not great but not insurmountable.
A more normal 25-year 90% mortgage, on a tracker rate of 2%, would leave the outstanding balance at 175k, a positive equity situation of 35k, enough for a deposit on another property.