Hello
We have a house (home) in negative equity – owe €357k, worth €300k SVR 3.9%, 23 years remaining.
We own a site with planning permission, and plan to start building in May.
Mortgage on the new house is <60% LTV.
If I rent out our house in Dublin, I would expect a gross rent per month of c.€1,400 versus mortgage payment of €1,900
I am estimating that after expenses and other deductions I would end up adding about €8k per year to this mortgage.
What are your thoughts about keeping this property and renting it or selling and transferring the NE to the new house?
Having paid 7 years of mortgage payments it would hurt a little to sell it at a loss.
I have read the key post but would appreciate any specific advice.
Thanks for any advice.
We have a house (home) in negative equity – owe €357k, worth €300k SVR 3.9%, 23 years remaining.
We own a site with planning permission, and plan to start building in May.
Mortgage on the new house is <60% LTV.
If I rent out our house in Dublin, I would expect a gross rent per month of c.€1,400 versus mortgage payment of €1,900
I am estimating that after expenses and other deductions I would end up adding about €8k per year to this mortgage.
What are your thoughts about keeping this property and renting it or selling and transferring the NE to the new house?
Having paid 7 years of mortgage payments it would hurt a little to sell it at a loss.
I have read the key post but would appreciate any specific advice.
Thanks for any advice.