Hello all,
My sister and I own an apartment small 1 bed in Dublin city centre. We got 110% mortgage when buying but I have paid off my half already. She lost her job and decided she could not pay her mortgage so moved to get cheaper rent.
We rent out the apartment which just about covers her mortgage and management fees for the year. (I get nothing which is OK with me).
After she moved and got sorted in her new place in Wexford she went about rent allowance. She was told that she owns a place and should sell it and live on that. If she sold it at today’s prices she would be 20k short of what she has mortgage for. Only having 1 moth before baby comes she got upset and left after 30min of trying to explain this to them.
She is thinking of moving back into place just to get them to pay mortgage which would be more. Someone please shed some light on this as it just does not make sense.
Thanking you in advance.
Gar32
My sister and I own an apartment small 1 bed in Dublin city centre. We got 110% mortgage when buying but I have paid off my half already. She lost her job and decided she could not pay her mortgage so moved to get cheaper rent.
We rent out the apartment which just about covers her mortgage and management fees for the year. (I get nothing which is OK with me).
After she moved and got sorted in her new place in Wexford she went about rent allowance. She was told that she owns a place and should sell it and live on that. If she sold it at today’s prices she would be 20k short of what she has mortgage for. Only having 1 moth before baby comes she got upset and left after 30min of trying to explain this to them.
She is thinking of moving back into place just to get them to pay mortgage which would be more. Someone please shed some light on this as it just does not make sense.
Thanking you in advance.
Gar32