My husband and I purchased a second property (holiday home) out of equity which we released from our main residence - we did this back 2005. We have just recently sold that property, it wasn't an option to hold on to it - if we rented it -the rent wouldn't have covered the mortgage. The property was sold at a loss to us of E90,000. What we have received from the sale of the property we intend paying down off our mortgage but this will still leave us with a substantial mortgage. Both of our wages have been reduced by 50% over the last 3 years. By reducing the mortgage it will mean we can start paying down the capital once again as for the past 11/2 we have only been paying interest only. Having worked out budgets we will still be tight and find we are not able to save for emergencies. It would be ideal if we could park the E90,000 negative equity - as under the Deferred Interest Scheme to give us a chance to get back on track. This scheme from reading it only relates to people who can only pay a certain percentage of the interest only - so it would not relate to us in that we will be paying down the capital. I have contacted my bank twice in the last week via email about parking this negative equity of E90,000 or if there was a split mortgage product, no answer todate. I am not asking for a write down just to park this until we get on our feet again. Anyone with advice I would be grateful. The bank I am with is PTSB.
Angela59
Angela59