Hi,
Am hoping to get some help and advice here on what to do next....first time poster but have been reviewing the boards for a while now. Appreciate any input and advice. We are struggling to pay our 2 mortgages and just getting deeper into debt.
Personal and income details
Income self: 4,853 net a month
Pension : Feed into a work pension - no choice. would stop this if I could at the moment.
Income history: stable role at present
Income partner/spouse:0
Income history: Self employed but making a loss and has not taken a salary for over a year. Also has some business debts still owing.
number of children: 2
Amount of Mortgage Interest Supplement received: 0
Home loan
Lender: Ulster Bank
Amount outstanding: 457,000
Value of home: 230,000
Interest rate: Just come off Fixed onto a SVR of 5.6
Monthly repayment : 2196
Amount in arrears : 0 at present but feel thi is going to change very soon.
Been in discussion with UB and been in the Marp process since Arpril 2012 . Have been on interest only since then for the investment property. Had a meeting with them last week to see if we could get a better rate but advised no. Our SVR that we have just moved onto has increased our montly payment by over 200 a month. Advised the bank it made no sense in putting us on Interest only on one and upping our rate on the other negating 25% of what they have give us in terms of temporary reducution.Advised we ring up on about the marp process again. Planning to do this FRiday.
Investment property - 2 bed duplex apartment bought it in 2000 and lived in it till 2006
Lender: Ulster bank
Amount outstanding: 278,126.61
Value of home: 160,000
Interest rate: 4.85
Monthly repayment 1737.40 but we are paying 892 a month on interest only
Amount in arrears :Approx 11,000 at present due to interest only for the last year Paying Interest only for 1 year, have not defaulted on a payment yet but its a month or 2 away as we come off interest only in april if we cannot strike another deal
Monthly rent received : 900 - Hoping to put it up by 50 in June. We initially got 1500 rent for this before things went badly wrong and rents dropped.
Other loans and creditors - delete those which don't apply to you
Overdraft: 0
Credit Card: 6,600 currently using this to supplement salary to pay for items such as oil and other bills
Credit Union
House improvement loan :563 a month 7 months left on this
Family : 1000
Arrears: ESB,Property tax, 2nd home tax,management company fees for the apartment
Other savings and investments
Have savings of 3000 in the credit union. Have spent 7000 last year of savings in last 2 years just to pay bills.
How important is retaining the family home to you? Which of the following best describes your situation?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
Other outgoings add up to approx 1800 per month. I have reduced a lot of bills, looked around for better deals on insurance, never go out or have not had a holiday since our honeymoon 6 years ago, have no life assurance, husband sold his van to pay off some of his company debts. My son has serious allergies so we need a lot of meds and special medicated milk on the DPS which in itself is 144 a month plus approx of 100 euro in doctors visits a month. It just seems like we will never get out of this and not sure what the next step is. Am embarrassed to think that on a salary of 90K, we are seriously struggling and if and when interest rates go up we will drown further...not sure where to go with this one.
What is your preferred realistic outcome?
Unless I double my salary, i will never be in a position to pay both and be able to live at the same time..dont see a way out at the moment.
Am hoping to get some help and advice here on what to do next....first time poster but have been reviewing the boards for a while now. Appreciate any input and advice. We are struggling to pay our 2 mortgages and just getting deeper into debt.
Personal and income details
Income self: 4,853 net a month
Pension : Feed into a work pension - no choice. would stop this if I could at the moment.
Income history: stable role at present
Income partner/spouse:0
Income history: Self employed but making a loss and has not taken a salary for over a year. Also has some business debts still owing.
number of children: 2
Amount of Mortgage Interest Supplement received: 0
Home loan
Lender: Ulster Bank
Amount outstanding: 457,000
Value of home: 230,000
Interest rate: Just come off Fixed onto a SVR of 5.6
Monthly repayment : 2196
Amount in arrears : 0 at present but feel thi is going to change very soon.
Been in discussion with UB and been in the Marp process since Arpril 2012 . Have been on interest only since then for the investment property. Had a meeting with them last week to see if we could get a better rate but advised no. Our SVR that we have just moved onto has increased our montly payment by over 200 a month. Advised the bank it made no sense in putting us on Interest only on one and upping our rate on the other negating 25% of what they have give us in terms of temporary reducution.Advised we ring up on about the marp process again. Planning to do this FRiday.
Investment property - 2 bed duplex apartment bought it in 2000 and lived in it till 2006
Lender: Ulster bank
Amount outstanding: 278,126.61
Value of home: 160,000
Interest rate: 4.85
Monthly repayment 1737.40 but we are paying 892 a month on interest only
Amount in arrears :Approx 11,000 at present due to interest only for the last year Paying Interest only for 1 year, have not defaulted on a payment yet but its a month or 2 away as we come off interest only in april if we cannot strike another deal
Monthly rent received : 900 - Hoping to put it up by 50 in June. We initially got 1500 rent for this before things went badly wrong and rents dropped.
Other loans and creditors - delete those which don't apply to you
Overdraft: 0
Credit Card: 6,600 currently using this to supplement salary to pay for items such as oil and other bills
Credit Union
House improvement loan :563 a month 7 months left on this
Family : 1000
Arrears: ESB,Property tax, 2nd home tax,management company fees for the apartment
Other savings and investments
Have savings of 3000 in the credit union. Have spent 7000 last year of savings in last 2 years just to pay bills.
How important is retaining the family home to you? Which of the following best describes your situation?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
Other outgoings add up to approx 1800 per month. I have reduced a lot of bills, looked around for better deals on insurance, never go out or have not had a holiday since our honeymoon 6 years ago, have no life assurance, husband sold his van to pay off some of his company debts. My son has serious allergies so we need a lot of meds and special medicated milk on the DPS which in itself is 144 a month plus approx of 100 euro in doctors visits a month. It just seems like we will never get out of this and not sure what the next step is. Am embarrassed to think that on a salary of 90K, we are seriously struggling and if and when interest rates go up we will drown further...not sure where to go with this one.
What is your preferred realistic outcome?
Unless I double my salary, i will never be in a position to pay both and be able to live at the same time..dont see a way out at the moment.
