We have a mortgage of €155k on house worth €230-240k. Approx 19 years left on mortgage.
Neighbours house sold recently for €240.
We also have credit union loans of €26k and credit card debt of €8500.
We are paying back approx €1080 on mortgage/insurance per month, €1450 to credit union per month. And minimum payments around €360-400 on 3 credit cards.
Also creche fees of €1200.
After paying mortgage/debts/health insurance and complusory pension deductions We are left with approx €250 per week
If we sell the house for €230k we could clear all our loans and have a deposit to trade up.
Our current home is very small and we have two childen so would love to trade up.
We are public servants earning approx €98k per year but have complusory pensions deducted from that.
44 year old and 41 year old.
We have never missed any payments and have made huge inroads into our stupid cu and cc debts over the last 4/5 years.
Do you think we would qualify for a mortgage if all our outstanding debts were cleared upon the sale of our home.
We would be looking for approx €250k
Or should we sell the house, clear debts and rent for a year before approaching bank?
Neighbours house sold recently for €240.
We also have credit union loans of €26k and credit card debt of €8500.
We are paying back approx €1080 on mortgage/insurance per month, €1450 to credit union per month. And minimum payments around €360-400 on 3 credit cards.
Also creche fees of €1200.
After paying mortgage/debts/health insurance and complusory pension deductions We are left with approx €250 per week
If we sell the house for €230k we could clear all our loans and have a deposit to trade up.
Our current home is very small and we have two childen so would love to trade up.
We are public servants earning approx €98k per year but have complusory pensions deducted from that.
44 year old and 41 year old.
We have never missed any payments and have made huge inroads into our stupid cu and cc debts over the last 4/5 years.
Do you think we would qualify for a mortgage if all our outstanding debts were cleared upon the sale of our home.
We would be looking for approx €250k
Or should we sell the house, clear debts and rent for a year before approaching bank?