S
Shawsie
Guest
Hi There
This has probably come up loads of times but can you help with some advice on legal grounds.
Like everyone we bought a house in 2005 at the height of the boom for 375K. I lost my job had trouble with repayments but kept then going. We both got better jobs in the UK so moved 6 months ago.
We still have the house and are just about paying the mortgage by sending money back to Ireland as well as having a tenant in the house. The money we are sending is going into a big money pit which we don't see the end of.
The house is now worth below 300K and we are thinking of contacting the bank and handing back the keys and walking away.
My question is, what comeback dose the bank have to come after you for the shortfall, and if someone has experience with this do they chase you even into the UK?
I know by doing this we blow out credit rating in Ireland out the water, would it affect our rating in the UK as the bank we deal with is RBS Ireland??
All advise is welcome
Many Thanks
This has probably come up loads of times but can you help with some advice on legal grounds.
Like everyone we bought a house in 2005 at the height of the boom for 375K. I lost my job had trouble with repayments but kept then going. We both got better jobs in the UK so moved 6 months ago.
We still have the house and are just about paying the mortgage by sending money back to Ireland as well as having a tenant in the house. The money we are sending is going into a big money pit which we don't see the end of.
The house is now worth below 300K and we are thinking of contacting the bank and handing back the keys and walking away.
My question is, what comeback dose the bank have to come after you for the shortfall, and if someone has experience with this do they chase you even into the UK?
I know by doing this we blow out credit rating in Ireland out the water, would it affect our rating in the UK as the bank we deal with is RBS Ireland??
All advise is welcome
Many Thanks