Brendan,
In line with another thread, I have outlined it below:
Personal details
Income self: £62,000 (I have managed to secure a slightly better job since my original post).
Income partner/spouse: Housewife (looking to return to work next Spring after baby #2 arrives)
number of children: 1 (second due in August)
Amount of MIS receivable: Is this mortgage interest relief? If it is then zero.
Home loan
Lender: UK retail with an irish operation
Amount outstanding: €360k or so.
Value of home: €150k give or take what's on the amrket (I had it valued at €175k, bank had it valued at €150k).
Interest rate: ECB+1.15% (tracker)
Monthly repayment: Full: €1300, Interest Only: c. €600; I'm paying €350 (currently under discussion, they offered me IO again, I said I couldn't afford that so €350 is what I proposed - 4 weeks have passed since I submitted in writing and still no response)
Amount in arrears: c. €4-5k (I managed to change to IO as soon as I could to help minimise this so it is probably lower than it should be).
Rent received per month: €950
I have outlined above the situation and nothing has changed - the bank refuses to do anything in writing, and are simply burying their head in the sand.
Other loans and creditors
Overdraft - monthly maybe £200
Credit Card - monthly maybe £200, but balance never really exceeds £500 and is quite often close to zero.
Personal loan - £4.3k left, £100pm payments.
Family loan - no real balance, but I definitely owe my parents a few quid!
Management Company: c. €800
Other savings and investments
Bank of Ireland shares.....perhaps I should say zero?!
Any other relevant information
Can't think of anything.
What is your preferred realistic outcome?
The mortgage is unsustainable - I can not afford to repay the full amount and raise my family at the same time. Main issue is the more I give the bank per month, the harder it is for me to afford to actually be a landlord as if anything breaks I need to be able to afford to fix it. Naturally, if I cannot in good conscience do this for a tenant, I can't have a tenant...ultimately means I would have no rental income. The bank have said I could sell (still nothing in writing) but would like me to service the remaining NE at about €750pm which, simply put, I cannot afford.
Ideal solution? Sell flat and negotiate a sensible amount to pay the bank over the next 5 years.
In line with another thread, I have outlined it below:
Personal details
Income self: £62,000 (I have managed to secure a slightly better job since my original post).
Income partner/spouse: Housewife (looking to return to work next Spring after baby #2 arrives)
number of children: 1 (second due in August)
Amount of MIS receivable: Is this mortgage interest relief? If it is then zero.
Home loan
Lender: UK retail with an irish operation
Amount outstanding: €360k or so.
Value of home: €150k give or take what's on the amrket (I had it valued at €175k, bank had it valued at €150k).
Interest rate: ECB+1.15% (tracker)
Monthly repayment: Full: €1300, Interest Only: c. €600; I'm paying €350 (currently under discussion, they offered me IO again, I said I couldn't afford that so €350 is what I proposed - 4 weeks have passed since I submitted in writing and still no response)
Amount in arrears: c. €4-5k (I managed to change to IO as soon as I could to help minimise this so it is probably lower than it should be).
Rent received per month: €950
I have outlined above the situation and nothing has changed - the bank refuses to do anything in writing, and are simply burying their head in the sand.
Other loans and creditors
Overdraft - monthly maybe £200
Credit Card - monthly maybe £200, but balance never really exceeds £500 and is quite often close to zero.
Personal loan - £4.3k left, £100pm payments.
Family loan - no real balance, but I definitely owe my parents a few quid!
Management Company: c. €800
Other savings and investments
Bank of Ireland shares.....perhaps I should say zero?!
Any other relevant information
Can't think of anything.
What is your preferred realistic outcome?
The mortgage is unsustainable - I can not afford to repay the full amount and raise my family at the same time. Main issue is the more I give the bank per month, the harder it is for me to afford to actually be a landlord as if anything breaks I need to be able to afford to fix it. Naturally, if I cannot in good conscience do this for a tenant, I can't have a tenant...ultimately means I would have no rental income. The bank have said I could sell (still nothing in writing) but would like me to service the remaining NE at about €750pm which, simply put, I cannot afford.
Ideal solution? Sell flat and negotiate a sensible amount to pay the bank over the next 5 years.