Hi,
Just looking for bit of advice of what I can do, if anything at all
As bit of back-story, bought a house very late 2006 for 400k. 2 bed house with my GF at the time, both names on deeds/mortgage
I split up with gf shortly after and moved out , she still lives there and pays for half of mortgage and I rent out room(350pm) and pay remaining which works out at approx. 360 pm.
She looks at this house as her home, I look at this as a noose around my neck. This place will never be my home and is just a bad investment now.
Move on couple of years, im now in happy relationship and due to become a father in few months. I currently renting a one bed apartment in Dublin City and this is costing me about €700 pm Gf pays €300. However with little nipper on way and bills that go with it , one bed apartment is not a long term solution
I need to either (a) save up and get a place of my own or (b) rent a bigger place, however the only way I can do either (a) or (b) is by stop paying this 360 a month.
Now I do not really want to do this as I have always paid bills on time and I don’t want my credit rating wrecked but I simply can not go on paying for this the rest of my life as it will have a major impact on the quality of it…
Now just so people do not get wrong impression I drive a banger 1996 car, do not go out that often as have little amount of disposable income after all bills paid etc
I guess you could argue that I can afford to pay for this mortgage but only if I live in (a) a dump or (b) tiny shoe box
I do not mind making some sacrifices but I do not want a decision I made when I was 25 years old ruining my life….
I’m not saying I'll stop paying to this house , I will continue to rent it out and this money will go into paying off mortgage and presume my ex will continue to pay her half. As said she looks at this house as her home, as its beside her family and she is not interested in renting out whole place even though we get bit more for it e,g (900pm).
Just I can not go on for ever paying this , so when do I say enough is enough and to make this even more complicated I work for Bank I got mortgage from(although I did not want I got it!!)
Any advice greatly appreciated
Just looking for bit of advice of what I can do, if anything at all
As bit of back-story, bought a house very late 2006 for 400k. 2 bed house with my GF at the time, both names on deeds/mortgage
I split up with gf shortly after and moved out , she still lives there and pays for half of mortgage and I rent out room(350pm) and pay remaining which works out at approx. 360 pm.
She looks at this house as her home, I look at this as a noose around my neck. This place will never be my home and is just a bad investment now.
Move on couple of years, im now in happy relationship and due to become a father in few months. I currently renting a one bed apartment in Dublin City and this is costing me about €700 pm Gf pays €300. However with little nipper on way and bills that go with it , one bed apartment is not a long term solution
I need to either (a) save up and get a place of my own or (b) rent a bigger place, however the only way I can do either (a) or (b) is by stop paying this 360 a month.
Now I do not really want to do this as I have always paid bills on time and I don’t want my credit rating wrecked but I simply can not go on paying for this the rest of my life as it will have a major impact on the quality of it…
Now just so people do not get wrong impression I drive a banger 1996 car, do not go out that often as have little amount of disposable income after all bills paid etc
I guess you could argue that I can afford to pay for this mortgage but only if I live in (a) a dump or (b) tiny shoe box
I do not mind making some sacrifices but I do not want a decision I made when I was 25 years old ruining my life….
I’m not saying I'll stop paying to this house , I will continue to rent it out and this money will go into paying off mortgage and presume my ex will continue to pay her half. As said she looks at this house as her home, as its beside her family and she is not interested in renting out whole place even though we get bit more for it e,g (900pm).
Just I can not go on for ever paying this , so when do I say enough is enough and to make this even more complicated I work for Bank I got mortgage from(although I did not want I got it!!)
Any advice greatly appreciated