N
NL1001
Guest
I was wondering if someone has an answer about why not to give the keys back. My situation is that Im from UK, but family commitments bought in commuter belt (new build, no stamp). House has since falled by about 80,000 and still are for sale (ie still dropping). The repayments are pretty crippling and I have no standard of living (3 hr commute each day). I have been offerred a good job back in UK. Due to houses location, there is little rentable value (massive over supply in area) and I have about 50,000 negative equity
Now if I didnt repay the mortgage and walked away, in about a year Id be able to buy a house in the UK no worries with a big deposit and small mortgage. I currently pay over 2,000 a month of which 1500 is interest, so i reckon it would take approx 5 years to get back to zero equity (and that excludes inflationary factors) by which time I would have saved over 100,000 euros. Seems a no brainer in financial standpoint (i blame the bank for giving a single person a 6x multiplier)
My question is really, what are the implications of walking away if i dont intend to work in Ireland again. What if I did come back to work in ireland, would the bank come after me. I know in the UK the bank can come after you for 12 years. Is there a similar rule in ireland?
I have tried but cant find anything about the reality or implications of reposession apart from its hard to get another mortgage.
Can anyone give advice. Should I try to keep up the repayments for years to get back to net zero on the house, or move back to England
Now if I didnt repay the mortgage and walked away, in about a year Id be able to buy a house in the UK no worries with a big deposit and small mortgage. I currently pay over 2,000 a month of which 1500 is interest, so i reckon it would take approx 5 years to get back to zero equity (and that excludes inflationary factors) by which time I would have saved over 100,000 euros. Seems a no brainer in financial standpoint (i blame the bank for giving a single person a 6x multiplier)
My question is really, what are the implications of walking away if i dont intend to work in Ireland again. What if I did come back to work in ireland, would the bank come after me. I know in the UK the bank can come after you for 12 years. Is there a similar rule in ireland?
I have tried but cant find anything about the reality or implications of reposession apart from its hard to get another mortgage.
Can anyone give advice. Should I try to keep up the repayments for years to get back to net zero on the house, or move back to England