So I posted back in August about my house having pyrite and it being too small for the family
The situation has changed since then.
My partner will hopefully get redundancy in the next couple of months. So we will have a lump sum and also have a bit of savings squirreled away.
So my mortgage 260K house worth maybe 190K it has pyrite.
Wifes house which is rented has positive equity of around 120k.
Wife has a share of a house with her sister down the country this is in big negative equity 90k currently not rented out as in some section 23 group scheme it comes out if this at the end of the year and we would hope to get some rent from it,
Mortgage for that costs 800 a month
Combined we earn around 120K no other loans our childcare is 1500 a month 3 very young children.
My thinking is rent out my house, the rent will cover the mortgage with me paying maybe 100 a month to cover the tax implications . Status of mortgage on it is, part of it is on tracker 80k say rest is on variable.
Redundancy around 70K Savings say 35k, sale of wifes house would be 120K.
I would be hopping to get a mortgage a 200K. Bearing in mind my wife will be out of work with redundancy. But shouldnt be for too long maybe going contracting or look for permanent position elsewhere wages would increase or be static.
What are our options here?
We have seen a couple of 4 beds we would be interested in ranging from around 340 to 400 so would be looking at the idea of getting a mortgage and using our savings as well.
Would it be an idea to move the house in positive equity as we make money on the rent of it to KBC and get mortgage from the same and see if we can keep it. This house is in a 10 year lease with Fingal we can break it with a 8 weeks notice period.
The situation has changed since then.
My partner will hopefully get redundancy in the next couple of months. So we will have a lump sum and also have a bit of savings squirreled away.
So my mortgage 260K house worth maybe 190K it has pyrite.
Wifes house which is rented has positive equity of around 120k.
Wife has a share of a house with her sister down the country this is in big negative equity 90k currently not rented out as in some section 23 group scheme it comes out if this at the end of the year and we would hope to get some rent from it,
Mortgage for that costs 800 a month
Combined we earn around 120K no other loans our childcare is 1500 a month 3 very young children.
My thinking is rent out my house, the rent will cover the mortgage with me paying maybe 100 a month to cover the tax implications . Status of mortgage on it is, part of it is on tracker 80k say rest is on variable.
Redundancy around 70K Savings say 35k, sale of wifes house would be 120K.
I would be hopping to get a mortgage a 200K. Bearing in mind my wife will be out of work with redundancy. But shouldnt be for too long maybe going contracting or look for permanent position elsewhere wages would increase or be static.
What are our options here?
We have seen a couple of 4 beds we would be interested in ranging from around 340 to 400 so would be looking at the idea of getting a mortgage and using our savings as well.
Would it be an idea to move the house in positive equity as we make money on the rent of it to KBC and get mortgage from the same and see if we can keep it. This house is in a 10 year lease with Fingal we can break it with a 8 weeks notice period.