Hi Everyone,
I have a Shared Ownership mortgage with Dublin City Council since 2006. I am currently employed but facing possible redundancy and it’s likely I will need to move abroad in order to find work.
This leaves me in a bit of a bind as I have been told by the council I am officially not allowed to rent out my apartment. Even if I was allowed to, the rent I would get would not even cover the monthly repayment (mortgage and rent).
My liability in terms of the mortgage part I understand and accept but I’m confused over my liability for the rental portion. It appears I effectively signed a 30-year rental agreement.
As such, I need some advice as I can’t see any way of dealing with this other than handing back the keys which I really don’t want to do as I know it wouldn’t end there anyway.
I need to find out exactly all my options so I can make an informed decision about what to do. I would be very grateful for some non-judgemental advice from people in the same situation as me.
Purchase Price: EUR220,000 in 2006. 50% Mortgage and 50% Rent
I have a Shared Ownership mortgage with Dublin City Council since 2006. I am currently employed but facing possible redundancy and it’s likely I will need to move abroad in order to find work.
This leaves me in a bit of a bind as I have been told by the council I am officially not allowed to rent out my apartment. Even if I was allowed to, the rent I would get would not even cover the monthly repayment (mortgage and rent).
My liability in terms of the mortgage part I understand and accept but I’m confused over my liability for the rental portion. It appears I effectively signed a 30-year rental agreement.
As such, I need some advice as I can’t see any way of dealing with this other than handing back the keys which I really don’t want to do as I know it wouldn’t end there anyway.
I need to find out exactly all my options so I can make an informed decision about what to do. I would be very grateful for some non-judgemental advice from people in the same situation as me.
Purchase Price: EUR220,000 in 2006. 50% Mortgage and 50% Rent