Fooddestroyer
Registered User
- Messages
- 2
was recommended this site, so here goes:
Currently working in Dublin for over 14months, and hoping to stay here long term with family (wife and 2 young kids). Both my wife and I in our 30's and still planning to make a decent future. We've kids in school here, new friends, bank accounts open, and paying our way happily here.
Issue: own a property in N.Ireland (UK) mortgaged it in 2005 (pre-marriage), but I still owe £141k, but current market value is around £85k. Currently seeking advice on long-term/"going forward" options and implications of them. Early conversations pointing me towards UK "bankruptcy" or "IVA", as this potential negative-equity mountain is too high to scale AND make a life together!
I've no other assets or debt, just this one bum property. We are currently living rent free in a property connected with the project that I am currently working on, but also don't mind renting long term in Dublin area, and even saving for a new mortgage deposit in the future, assuming I will change jobs/projects in future (and even qualify for another mortgage!)
The concerned property in N.Ireland is in just my name and not my wife's. I am both a UK citizen and Irish citizen (I've both passports). My wife is American nationality, but married to me for over 6 years and is eligible for Irish citizenship this year (2015).
Any pointers or advise welcome as we are confused about the best route forward.
Many thanks in advance.
Currently working in Dublin for over 14months, and hoping to stay here long term with family (wife and 2 young kids). Both my wife and I in our 30's and still planning to make a decent future. We've kids in school here, new friends, bank accounts open, and paying our way happily here.
Issue: own a property in N.Ireland (UK) mortgaged it in 2005 (pre-marriage), but I still owe £141k, but current market value is around £85k. Currently seeking advice on long-term/"going forward" options and implications of them. Early conversations pointing me towards UK "bankruptcy" or "IVA", as this potential negative-equity mountain is too high to scale AND make a life together!
I've no other assets or debt, just this one bum property. We are currently living rent free in a property connected with the project that I am currently working on, but also don't mind renting long term in Dublin area, and even saving for a new mortgage deposit in the future, assuming I will change jobs/projects in future (and even qualify for another mortgage!)
The concerned property in N.Ireland is in just my name and not my wife's. I am both a UK citizen and Irish citizen (I've both passports). My wife is American nationality, but married to me for over 6 years and is eligible for Irish citizenship this year (2015).
Any pointers or advise welcome as we are confused about the best route forward.
Many thanks in advance.