Just wondering if anyone has any opinions re trade up negative equity mortgage/self build mortgage.
We have apartment in dublin, mortgage remaining 325k, 29 yrs left, variable rate, rented-1250/month, mortgage is 1750/month. We have been paying an extra 250 euro/month off the capital also.
Mortgage is with BOI, similar apartment sold before christmas for 270k
We are living in a relatives house rent free currently- our jobs meant we had to move out of the capital and this is where we would like to settle down now, never intended to be landlords.
Wages-60k and 68k respectively.
Currently saving 2500/month, trying to be somewhat frugal at the minute.
Have 30k in savings
Have car loan with 9k left, we pay 600 euro/ month into this, 18 months or so left.
1 child, family help with childminding so bo crèche fees etc.
Before christmas we were thinking negative equity mortgage vs second mortgage.
Now thinking more strongly about negative equity mortgage.
Just wondering if anyone has any advice/experience with similar-getting negative equity mortgage, if self building does that complicate things even more?
Is negative equity mortgage likely to be a goer at all?
Should we keep overpaying mortgage?
We have apartment in dublin, mortgage remaining 325k, 29 yrs left, variable rate, rented-1250/month, mortgage is 1750/month. We have been paying an extra 250 euro/month off the capital also.
Mortgage is with BOI, similar apartment sold before christmas for 270k
We are living in a relatives house rent free currently- our jobs meant we had to move out of the capital and this is where we would like to settle down now, never intended to be landlords.
Wages-60k and 68k respectively.
Currently saving 2500/month, trying to be somewhat frugal at the minute.
Have 30k in savings
Have car loan with 9k left, we pay 600 euro/ month into this, 18 months or so left.
1 child, family help with childminding so bo crèche fees etc.
Before christmas we were thinking negative equity mortgage vs second mortgage.
Now thinking more strongly about negative equity mortgage.
Just wondering if anyone has any advice/experience with similar-getting negative equity mortgage, if self building does that complicate things even more?
Is negative equity mortgage likely to be a goer at all?
Should we keep overpaying mortgage?