B
Brokesville
Guest
Hi Guys / Girls,
Am a first time poster here, it was recommended as a good starting point with my problem.
Basically I bought a 2 bed apartment in a very small quiet town in Kildare at the end of 2007. It was never intended to be somewhere I'd live for a very long time, I had thought 4/5 years and then I'd try move a little closer to Dublin again. Of course with the way things are now that hasn't happened. It was a rash stupid buy with not enough thought put into it. I am 28 years old and the town is way too quiet for me, there is nowhere for any element of socialising etc. I also commute to Dublin for work daily and the petrol costs are massive. When I originally bought my partner at the time lived with me and we also worked together and shared petrol costs etc but now I'm by myself again so costs are high.
Basically the apartments now have an Asking Price of €115k less than I paid. I am in a major panic over the massive amount of negative equity that I have over my head. If it were a house that I could live in forever I would be ok with it but it's a 2 bed ground floor apartment in an area that I am growing to hate never mind just not really like.
I get paid a decent wage and recently gota bit of a rise. I have been thinking of trying to up my mortgage repayments to try pay off a bit more of my mortgage each month or something. My other thought was to move home for a few years and rent it out. The rent won't cover the mortgage at all but I would have an extra few hundred euro a month to throw at the mortgage if I did.
Has anyone done anything similar that can offer me any advice? Would I be better to pay higher monthly payments or save and pay occasional bulk payments? I have a meeting with the bank tomorrow to see if my tracker would be affected by any of this as if it is I'm not letting it go!
Any help greatly appreciated!
Am a first time poster here, it was recommended as a good starting point with my problem.
Basically I bought a 2 bed apartment in a very small quiet town in Kildare at the end of 2007. It was never intended to be somewhere I'd live for a very long time, I had thought 4/5 years and then I'd try move a little closer to Dublin again. Of course with the way things are now that hasn't happened. It was a rash stupid buy with not enough thought put into it. I am 28 years old and the town is way too quiet for me, there is nowhere for any element of socialising etc. I also commute to Dublin for work daily and the petrol costs are massive. When I originally bought my partner at the time lived with me and we also worked together and shared petrol costs etc but now I'm by myself again so costs are high.
Basically the apartments now have an Asking Price of €115k less than I paid. I am in a major panic over the massive amount of negative equity that I have over my head. If it were a house that I could live in forever I would be ok with it but it's a 2 bed ground floor apartment in an area that I am growing to hate never mind just not really like.
I get paid a decent wage and recently gota bit of a rise. I have been thinking of trying to up my mortgage repayments to try pay off a bit more of my mortgage each month or something. My other thought was to move home for a few years and rent it out. The rent won't cover the mortgage at all but I would have an extra few hundred euro a month to throw at the mortgage if I did.
Has anyone done anything similar that can offer me any advice? Would I be better to pay higher monthly payments or save and pay occasional bulk payments? I have a meeting with the bank tomorrow to see if my tracker would be affected by any of this as if it is I'm not letting it go!
Any help greatly appreciated!