Absentee Landlord can't meet mortgage repayments

F

fox

Guest
I left Ireland in October of last year. I own a house worth about €200K with a mortgage of €270K. My monthly repayments are €1200 and I have a rental income of €750. I was barely keeping my head above water until the last 2 months. Now overdrawn on current account.
I would like to sell the house and try start a new life from scratch here. I do not want to start with a net worth of -€70K, What is the best approach for me?
 
Hi fox

The first thing to do is to ask the mortgage provider to switch the loan to interest only or, at least, to reduce the repayments.

if the rental income exceeds the interest you are paying, then your loan should be manageable, if difficult.

If you have a cheap tracker, the lender might agree to do a deal with you.

It's unlikely that you will get a fresh start, but you may well get things under control.
 
OK thanks, I'll contact my mortgage provider. If I eventually default on my loan am I screwed if I want to try get a mortgage in the future?
 
You must log in or register to reply here.
Back
Top