Split up. Home and investment property

[freddie70]

My self and my ex are try to broker some sort of a deal to get ourselfs out of the financial mess we are presently in.
She is living in the family home with our son and im in the investment property .

Personal and income details
Net 3000 monthy
Net 750 welfare monthly
400 maintanence from me monthly
500 rent allowance
Home loan
Lender: kbc
Amount outstanding: 270,000
Value of home: 150,000
Interest rate: variable 4.9
Monthly repayment 1400
Amount in arrears 500

has been on less than interest only for 6 months

Investment property -
Lender: kbc
Amount outstanding: 270,000
Value of home: 100,000
Interest rate: 4.9
Monthly repayment 1400
Amount in arrears 0
Monthly rent received ..im presently living in it..

Other loans and creditors - delete those which don't apply to you
Overdraft
Credit Card 1000

Family 3500 owed

Other savings and investments none


How important is retaining the family home to you?
Which of the following best describes your situation?

I dont care about the investment property which im resident in but want to keep on to the family home for the sake of my son.


Any other relevant information

What is your preferred realistic outcome?
maybe sell the investment property and come to some agreement where we can keep the family home..

Any advice would be great thanks

 

[Brendan Burgess]

Hi freddie

How long have you been in this position?

On a net income of €3,000 , I can't see how you can pay €400 maintenance and €2,800 interest on your mortgages.

Brendan

 

[freddie70]

Hi Brendan
For the last 6 months i have been paying less than interest only on both mortgages 600 on each to be precise..and interest only for the year preceding that.The revised reduction finishes next month and im under the impression the bank want some long term solution

 

[freddie70]

Would i be better off looking at the new in solvency bill

 

[Lucuma]

You didn't put the correct information in your original post - you didn't specify that you pay less than interest only on the investment property as you described the arrears for that as 0?

Maybe if you put the correct info in the post, you'll get more responses

 

[freddie70]

well the full mortgages would be 1400 each but im paying 800 on one and 600 on another

 

[Lucuma]

In your earlier post you said you were paying 600 on each to be precise ;o)