catchphrase
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Have this posted already but it was closed for some reason so here I go again.
Hi all, Basically my husband was made redundant beginning of the year, anyway no luck in finding a job (construction trade) Our now ppr we purchased in 2005, we took out a modest 90pc mortgage and were well able to pay it until of course 2008 when my husband was first laid off and then he got back to work again but was made redundant beginning of year. We are on interest only now and we are paying that. We have no loans or creditcards with outstanding amounts. The cost of house was 300k (we put 100k into doing up the house ourselves on top of this), mortgage remaining is circa 250k. If we put house on the market we would get about 180k sadly due to location. My question is if we sold the house do you thing the bank would let us pay the balance oweing lets say over10yrs or something like that. Right now we are looking to go abroad and this house is not in a good location to have it as a rental property, we really dont want it hanging over us if we go abroad for work and dont see any prospect for employment in Ireland for years to come so holding on to our dream house just isnt realistic anymore for us and we dont want to still be just paying the interest in 5 years time. Ps im a house mum so we both have no paying work.
Hi all, Basically my husband was made redundant beginning of the year, anyway no luck in finding a job (construction trade) Our now ppr we purchased in 2005, we took out a modest 90pc mortgage and were well able to pay it until of course 2008 when my husband was first laid off and then he got back to work again but was made redundant beginning of year. We are on interest only now and we are paying that. We have no loans or creditcards with outstanding amounts. The cost of house was 300k (we put 100k into doing up the house ourselves on top of this), mortgage remaining is circa 250k. If we put house on the market we would get about 180k sadly due to location. My question is if we sold the house do you thing the bank would let us pay the balance oweing lets say over10yrs or something like that. Right now we are looking to go abroad and this house is not in a good location to have it as a rental property, we really dont want it hanging over us if we go abroad for work and dont see any prospect for employment in Ireland for years to come so holding on to our dream house just isnt realistic anymore for us and we dont want to still be just paying the interest in 5 years time. Ps im a house mum so we both have no paying work.