We bought a property in Wicklow in 2007 (BOI tracker€420k) and we bought a holiday home in Clare in 2009 (EBS variable €105k a non liveable renovation project for the future).
By 2011 the Wicklow property was worth €210 and I took a €20k hit on salary . We also had two kids along the way.
In 2015 we moved to Clare in the hope of renovating the house and living here full time.
We are renting ourselves at present and pay €850 per month .
We hope to remortgage the EBS mortgage to do renovation works and make this our family home. It needs about €200k works.
We have rented out the property in Wicklow and that brings in €1200 in rent and we pay the extra €200 towards the mortgage.
Last week we were told our tenants are leaving the end of Feb so we are seriously thinking of selling this property as it is holding us back starting the renovation work.
We were told this week that it should go on the market for €340, the outstanding mortgage is €336. We are very happy to break even if this is the reality.
However we are really confused as we are hearing so much about trackers and deals etc
Are we unwise just to let the tracker go ?
I have asked about carrying it but I'm told it may or may not be possible as we are not a straightforward case ( we would have to switch EBS mortgage and then apply for renovation costs on top of that).
Would we be wise to hold out another year and maybe gain a profit however small???
We would remain paying rent however as the other house is not liveable in present state.
Also I have asked if it's possible for a moratorium or interest only on the BOI mortgage while our tenants are out and it's up for sale but I've been refused the moratorium and I've been told if I apply for interest only they may take the tracker off us as its not our primary residence.
Can they do this , should I risk applying?
Also would interest only application be seen as a bad credit rating for future re mortgage application?
Sorry about all the questions but awfully confused.
Also have no savings or investments so really want to make the right decision this time considering it went all so wrong the last time !
By 2011 the Wicklow property was worth €210 and I took a €20k hit on salary . We also had two kids along the way.
In 2015 we moved to Clare in the hope of renovating the house and living here full time.
We are renting ourselves at present and pay €850 per month .
We hope to remortgage the EBS mortgage to do renovation works and make this our family home. It needs about €200k works.
We have rented out the property in Wicklow and that brings in €1200 in rent and we pay the extra €200 towards the mortgage.
Last week we were told our tenants are leaving the end of Feb so we are seriously thinking of selling this property as it is holding us back starting the renovation work.
We were told this week that it should go on the market for €340, the outstanding mortgage is €336. We are very happy to break even if this is the reality.
However we are really confused as we are hearing so much about trackers and deals etc
Are we unwise just to let the tracker go ?
I have asked about carrying it but I'm told it may or may not be possible as we are not a straightforward case ( we would have to switch EBS mortgage and then apply for renovation costs on top of that).
Would we be wise to hold out another year and maybe gain a profit however small???
We would remain paying rent however as the other house is not liveable in present state.
Also I have asked if it's possible for a moratorium or interest only on the BOI mortgage while our tenants are out and it's up for sale but I've been refused the moratorium and I've been told if I apply for interest only they may take the tracker off us as its not our primary residence.
Can they do this , should I risk applying?
Also would interest only application be seen as a bad credit rating for future re mortgage application?
Sorry about all the questions but awfully confused.
Also have no savings or investments so really want to make the right decision this time considering it went all so wrong the last time !