Like so many others, my family are in trying to emerge from the negative equity nightmare and we are trying to put together a plan to do sell our current home and move to a larger family home.
Some background:
Current house value: ~€180k hoping this will increase to €200k in the coming year as prices in our neighbourhood do seem to be rising.
Mortgage outstanding: €280k
Mortgage & Rate: Tracker at 1.75%
Bank: KBC
Current combined income: €97k
Job Status: Permanent public servants
Savings: €55k
Save €1000/month
Dependents: 1yr old although we would like a second shortly
Assuming, we sold the house for 200k, we would have a shortfall of 80k. Using our savings to reduce this would see us requesting from KBC permission to carry 25k to another mortgage. We have seen other houses in the Kildare area for around 300k. I would like the opinion of those more knowledgeable of mortgages and negative equity as to whether it is worth initiating a conversation with KBC yet or is selling and buying a new home a bit of a pipe dream?
Many thanks. If I’ve missed any important data, please let me know and I will update.
Some background:
Current house value: ~€180k hoping this will increase to €200k in the coming year as prices in our neighbourhood do seem to be rising.
Mortgage outstanding: €280k
Mortgage & Rate: Tracker at 1.75%
Bank: KBC
Current combined income: €97k
Job Status: Permanent public servants
Savings: €55k
Save €1000/month
Dependents: 1yr old although we would like a second shortly
Assuming, we sold the house for 200k, we would have a shortfall of 80k. Using our savings to reduce this would see us requesting from KBC permission to carry 25k to another mortgage. We have seen other houses in the Kildare area for around 300k. I would like the opinion of those more knowledgeable of mortgages and negative equity as to whether it is worth initiating a conversation with KBC yet or is selling and buying a new home a bit of a pipe dream?
Many thanks. If I’ve missed any important data, please let me know and I will update.