P
PETERPAUL
Guest
Hi All,
I am a long time reader but first time poster and am looking for a bit of advice. I bought a house 10 years ago and then met my current partner and moved approximately 3 years ago to a bigger house in an area close to the city. At present we have 2 properties and 2 mortgages to go with it. The details are as follows
Property 1 Mortgage 173000.00 20 years left on mortgage
Currently Rented out for 900.00 per month
Mortgage repayments incl life and home insurance is 1280.00
we are paying capital and interest
Property 2 Mortgage 480000.00 30 years left on mortgage
mortgage repayments 1700.00 with TRS deducted
we are paying capital and interest also. This is a tracker mortgage
The thing is things are beginning to get a bit tight. My partner has a 13 year old child and we have a 6 year old together. Since we moved into a new home we have taking a bit of a battering wages wise with me taking a 15% wage reduction and her being cut to a 3 day week. We were thinking of approaching EBS and asking to go down to interest only on approximately 75% of the investment mortgage as it is 2 loans. Has anyone any experience of approaching EBS and any advice for us.
Any help would be appreciated
Regards
Robbing Peter to pay Paul
I am a long time reader but first time poster and am looking for a bit of advice. I bought a house 10 years ago and then met my current partner and moved approximately 3 years ago to a bigger house in an area close to the city. At present we have 2 properties and 2 mortgages to go with it. The details are as follows
Property 1 Mortgage 173000.00 20 years left on mortgage
Currently Rented out for 900.00 per month
Mortgage repayments incl life and home insurance is 1280.00
we are paying capital and interest
Property 2 Mortgage 480000.00 30 years left on mortgage
mortgage repayments 1700.00 with TRS deducted
we are paying capital and interest also. This is a tracker mortgage
The thing is things are beginning to get a bit tight. My partner has a 13 year old child and we have a 6 year old together. Since we moved into a new home we have taking a bit of a battering wages wise with me taking a 15% wage reduction and her being cut to a 3 day week. We were thinking of approaching EBS and asking to go down to interest only on approximately 75% of the investment mortgage as it is 2 loans. Has anyone any experience of approaching EBS and any advice for us.
Any help would be appreciated
Regards
Robbing Peter to pay Paul