Prof Chaos
Registered User
- Messages
- 11
Income details
Net monthly (i.e. after tax) Income self: €3400 Full Time Private Sector PAYE
Net monthly income partner/spouse: €1000 Full Time / Part Time Pre-School Teacher
Income history:
Amount of child benefit received (Should be €130 per child) €260
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS) €0
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
Two Adult Family with 2 young kids.
Do you need a car for work or do you use public transport?
- 1 family car. Wife uses for work I use Annual Commuter ticket and bike for work
Number of children 0- 2 years old: 1
Number of 3 years old children: 1
Monthly childcare costs:
Monthly spend on special circumstances: e.g. exceptional healthcare costs
- This fluctuates as wife approx 300-400 pm but probably only 9months of the year
Home loan
Bought with a friend, lived in for 4-5years now rented
Lender: AIB Finance
Amount outstanding: €310,000
Value of home: €210,000 (Probably at a range of 190k-235k)
Interest rate: Tracker +1.1 I think
Monthly repayment Approx €1200
Amount in arrears €0
Monthly rent received €950
Supplemented Payment: €400 each (building up for rental income tax, maintenance etc)
Rental
Renting family home €900pm
Credit Union
Amount of shares €1200
Amount of loan outstanding €9300
Monthly repayment €240
Term left Approx 3.5yrs Hope to pay down a lot sooner
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding: Sneak into it the last week or two of the month, probably for the first 6 months of the year where most of the big 1 off bills happen.
Credit Card - amount outstanding : €680 Focus the last few months of getting rid of this
Credit Card - monthly amount you are paying : 20%
Other savings and investments
Savings:
€5000 Bank savings account. Recently took a major hit.
Assets:
Approx 1/2 Acre Site with FPP - Approx Value 20-35k
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home.
Any other relevant information
What is your preferred realistic outcome?
On current interest rates house is a decent investment, but having it on the books means I've a very small chance of buying a family home.
Preferred outcome buy a family home, fine with taking a loss onto new house.
Fluff
Ok so this is a little complicated so if it isn't clear feel free to request clarification.
Bought a Duplex for €380k (North Wicklow) with a friend, plan was to live in it for a few years and sell on with the bones of a deposit for the next house
Life moved on for both of us, best solution was to rent out the duplex. Its not something either of us are comfortable doing for the long term, its a necessity for now.
I'm renting a house with my Wife and 2 Kids, the ideal is to buy a family home, for keeps this time. Last month we set ourselves a target of 12months to sort out savings, debts and credit cards etc as much as we can and then see if we're in a decent position.
Have a site which was gifted to me by my parents, would've liked to hold onto it for ourselves or the kids but considering selling it to get a deposit for a purchase in a more suitable location. The site isn't commutable for work for us, and I will not get work closeby that would suffice. Big shame as its been the dream for a long time.
So there's approx 100k neg equity on the Duplex, had rang the bank to see if we could sell at a loss and then split said loss in two and I'd take my half onto a new mortgage, and friend would do the same or service an unsecured loan. They were not interested in discussing it as they rightly pointed out we are both jointly liable for the debt so only thing they would do is give us the full debt in a joint unsecured loan and pay it at a discounted interest rate. This would be madness as we'd be far better off just keeping the house as we'd be unlikely to get a mortgage with a loan like that on the books anyway.
So fast forward to today AIB announce this Portable Tracker product and trade up / trade down / splittable
Sounds as if it might tick most of the boxes.
- Friend is in much stronger financial position than me with wages etc.. keen on getting rid of Duplex with as small a loss as possible, considering purchasing also (He may be able do so without offloading)
- Will they allow the porting and splitting of the tracker for neg equity mortgages and would both parties be required to be purchasing a home at the other end of the transaction.
- If only 1 wanted to port the tracker, and the other take an unsecured loan, I assume the Trade Down cut-off point is halved? is would have to be 150k or below to qualify?
- New House Price Range: 160K-240K Depends on Trade Up / Trade Down Criteria
- Am I mad to be considering this at all?
Net monthly (i.e. after tax) Income self: €3400 Full Time Private Sector PAYE
Net monthly income partner/spouse: €1000 Full Time / Part Time Pre-School Teacher
Income history:
Amount of child benefit received (Should be €130 per child) €260
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS) €0
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
Two Adult Family with 2 young kids.
Do you need a car for work or do you use public transport?
- 1 family car. Wife uses for work I use Annual Commuter ticket and bike for work
Number of children 0- 2 years old: 1
Number of 3 years old children: 1
Monthly childcare costs:
Monthly spend on special circumstances: e.g. exceptional healthcare costs
- This fluctuates as wife approx 300-400 pm but probably only 9months of the year
Home loan
Bought with a friend, lived in for 4-5years now rented
Lender: AIB Finance
Amount outstanding: €310,000
Value of home: €210,000 (Probably at a range of 190k-235k)
Interest rate: Tracker +1.1 I think
Monthly repayment Approx €1200
Amount in arrears €0
Monthly rent received €950
Supplemented Payment: €400 each (building up for rental income tax, maintenance etc)
Rental
Renting family home €900pm
Credit Union
Amount of shares €1200
Amount of loan outstanding €9300
Monthly repayment €240
Term left Approx 3.5yrs Hope to pay down a lot sooner
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding: Sneak into it the last week or two of the month, probably for the first 6 months of the year where most of the big 1 off bills happen.
Credit Card - amount outstanding : €680 Focus the last few months of getting rid of this
Credit Card - monthly amount you are paying : 20%
Other savings and investments
Savings:
€5000 Bank savings account. Recently took a major hit.
Assets:
Approx 1/2 Acre Site with FPP - Approx Value 20-35k
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home.
Any other relevant information
What is your preferred realistic outcome?
On current interest rates house is a decent investment, but having it on the books means I've a very small chance of buying a family home.
Preferred outcome buy a family home, fine with taking a loss onto new house.
Fluff
Ok so this is a little complicated so if it isn't clear feel free to request clarification.
Bought a Duplex for €380k (North Wicklow) with a friend, plan was to live in it for a few years and sell on with the bones of a deposit for the next house
Life moved on for both of us, best solution was to rent out the duplex. Its not something either of us are comfortable doing for the long term, its a necessity for now.
I'm renting a house with my Wife and 2 Kids, the ideal is to buy a family home, for keeps this time. Last month we set ourselves a target of 12months to sort out savings, debts and credit cards etc as much as we can and then see if we're in a decent position.
Have a site which was gifted to me by my parents, would've liked to hold onto it for ourselves or the kids but considering selling it to get a deposit for a purchase in a more suitable location. The site isn't commutable for work for us, and I will not get work closeby that would suffice. Big shame as its been the dream for a long time.
So there's approx 100k neg equity on the Duplex, had rang the bank to see if we could sell at a loss and then split said loss in two and I'd take my half onto a new mortgage, and friend would do the same or service an unsecured loan. They were not interested in discussing it as they rightly pointed out we are both jointly liable for the debt so only thing they would do is give us the full debt in a joint unsecured loan and pay it at a discounted interest rate. This would be madness as we'd be far better off just keeping the house as we'd be unlikely to get a mortgage with a loan like that on the books anyway.
So fast forward to today AIB announce this Portable Tracker product and trade up / trade down / splittable
Sounds as if it might tick most of the boxes.
- Friend is in much stronger financial position than me with wages etc.. keen on getting rid of Duplex with as small a loss as possible, considering purchasing also (He may be able do so without offloading)
- Will they allow the porting and splitting of the tracker for neg equity mortgages and would both parties be required to be purchasing a home at the other end of the transaction.
- If only 1 wanted to port the tracker, and the other take an unsecured loan, I assume the Trade Down cut-off point is halved? is would have to be 150k or below to qualify?
- New House Price Range: 160K-240K Depends on Trade Up / Trade Down Criteria
- Am I mad to be considering this at all?
