If you sell your house, you will pay far more for renting something similar. That is the key point.are we going to kill ourselves for the nxt 21years trying to pay this mortgage and have no quality of life
not have to pay property tax, house insurance and water rates!!
IWhatever is remaining from your income after reasonable living expenses are deducted should be offered to the bank. I believe a monthly repayment of 500/600 is more appropriate in your case.
What the bank has offered here is NOT a sustainable long term solution.
The split mortgage option is the correct one except that the warehoused portion needs to be greater in this case.
A PIA may be a better approach if the bank is not coming up to the mark
Brendan, We are thinking we are in positive equity, we are going to have a valuation done to see, my doubts are, are we going to kill ourselves for the nxt 21years trying to pay this mortgage and have no quality of life, should we sell up and rent and not have to pay property tax, house insurance and water rates!! Was not aware that you are not supposed to be paying capital while receiving mis, great another obstacle so, what do you think will happen there?
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