Advice re. interest only mortgage and declaring property.

B

but30

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We are a couple in our 30s with 2 kids. I work as a public servant and are down approx €7k a year in salary, my husband earns approx €40k.

We have a mortgage of €240k on our family home ans we are on a tracker rate and have approx 23 yrs left in the term mortgage approx €600 a month.

My husband has a private pension of €300 a month.

We also have a mortgage of €150k on our previous home, which is for sale 3 yrs. We are on an interest only rate which means our repayments are €500 a month. The bank have requested that we begin to pay full mortgage from August which be €1,000 a month. We have very good tenants who pay €550 a month so we would have to come up with €450 a month.

We haven't declared this property as we had hoped to sell it, but now I would say we would be lucky to get €100k for house so we would have to pay off €50k.

Will we be penalised for not declaring property?

Should we try and pay full amount on rental property and aim to keep the house or dispute this with bank? we are so confused we might be able to afford it with a push but is it worth all the worry. Child care is €600 a month and car loan of €200 a month. Now with talks of taxing private pensions would my husband be better off paying less in to pension?

All opinions welcome and much appreciated....thanks.
 
Last edited by a moderator:
I agree the thread is really hard to read. Please re do it and we'll try and give advice. One thing for sure is that you need to declare the rental income and register the tenants with the PRTB. If you continue as you are things are only going to get worse and the worry and stress could reach unmanageable levels. Not worth it. Better to sort it.
 
I've corrected the post by removing text speak, abbreviations, correcting spellings and inserting paragraphs.
 
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