S
showtime79
Guest
Hi all,
Back in the good old days of 2006 I bought myself an investment property to add to my principal private residence that I had since 2002.
Now the interest only term is over (rent just covered the interest) and I am faced with huge repayments capital & interest & a rubbish variable rate.
The problem I have is im having to subsidise the investment loan by €700 p/month on top of the rent im getting. Repayment on investment loan now €1500p/month. This, along with my repayments on my principle residence of €1700 p/month (which was managable), is causing me huge problems.
My question is.....If I miss a repayment on the investment loan as Im going to make sure I have my main residence loan covered each month first, then how does that effect my situation?
Both mortgages are with the same bank. Will the bank try to clean out any money I might have in another account perhaps to make the investment property repayment?.
Would the bank take reduced capital payments maybe on the investment loan?.Example, accept €1200 p/month if that is all I can afford for that month. As far as I know, I cant get the term extended on the investment loan or an extension to the interest only.(kicking the ball down the road I know).
And if I fall into arrears with the investment loan, then how does that effect my own home? Will bank try to repossess my home.?
I hope someone gets the jist of what Im trying to say here. Must be people out there in a similar position to me. Any reply welcome.
Back in the good old days of 2006 I bought myself an investment property to add to my principal private residence that I had since 2002.
Now the interest only term is over (rent just covered the interest) and I am faced with huge repayments capital & interest & a rubbish variable rate.
The problem I have is im having to subsidise the investment loan by €700 p/month on top of the rent im getting. Repayment on investment loan now €1500p/month. This, along with my repayments on my principle residence of €1700 p/month (which was managable), is causing me huge problems.
My question is.....If I miss a repayment on the investment loan as Im going to make sure I have my main residence loan covered each month first, then how does that effect my situation?
Both mortgages are with the same bank. Will the bank try to clean out any money I might have in another account perhaps to make the investment property repayment?.
Would the bank take reduced capital payments maybe on the investment loan?.Example, accept €1200 p/month if that is all I can afford for that month. As far as I know, I cant get the term extended on the investment loan or an extension to the interest only.(kicking the ball down the road I know).
And if I fall into arrears with the investment loan, then how does that effect my own home? Will bank try to repossess my home.?
I hope someone gets the jist of what Im trying to say here. Must be people out there in a similar position to me. Any reply welcome.