Personal and income details
Income self Net income- £33,000 per annum, public servant
Income history: I am a teacher and my hours were reduced the year after I got my mortgage and have not increased again since then.
Income spouse
nature of income: Self employed- £6,500 per annum
Income history: He was made redundant 2 months after we got our mortgage, was unemployed for about 2 and a half years, then set up his own business about a year ago, he is hoping to expand and earn more this year. He now minds our children during the week and works at the weekend.
Number of children 2- 2 years and 4 months
Amount of Mortgage Interest Supplement received- none
Home loanLender: AIB
Amount outstanding: £317,000
Value of home: £160,000
Interest rate: Tracker - 1.85%
Monthly repayment - £1,444
Amount in arrears - £2,500
Summary of discussions and agreements with the bank
We bought the house in 2008 and have been paying interest only for the majority of that time. We have cleared all our personal debt in this last year. Our interest only finished in December the bank sent us the forms to apply for it again, we didn't apply for it again as we wanted to try and pay it, but can't.
Other loans and creditors None
Other savings and investments None
how important is retaining the family home to you?
I don't care about keeping the family home.
Any other relevant informationMy partner's father is also on our mortgage as my job was not permanent at the time. He owns his own home and is retired and receiving a pension. He does not contribute to the mortgage, he was only signing on it to help us out. We currently have a complaint with the Financial Ombudsman as we thought he was just guarantor on the mortgage but is in fact on the mortgage.
What is your preferred realistic outcome?
I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"
Income self Net income- £33,000 per annum, public servant
Income history: I am a teacher and my hours were reduced the year after I got my mortgage and have not increased again since then.
Income spouse
nature of income: Self employed- £6,500 per annum
Income history: He was made redundant 2 months after we got our mortgage, was unemployed for about 2 and a half years, then set up his own business about a year ago, he is hoping to expand and earn more this year. He now minds our children during the week and works at the weekend.
Number of children 2- 2 years and 4 months
Amount of Mortgage Interest Supplement received- none
Home loanLender: AIB
Amount outstanding: £317,000
Value of home: £160,000
Interest rate: Tracker - 1.85%
Monthly repayment - £1,444
Amount in arrears - £2,500
Summary of discussions and agreements with the bank
We bought the house in 2008 and have been paying interest only for the majority of that time. We have cleared all our personal debt in this last year. Our interest only finished in December the bank sent us the forms to apply for it again, we didn't apply for it again as we wanted to try and pay it, but can't.
Other loans and creditors None
Other savings and investments None
how important is retaining the family home to you?
I don't care about keeping the family home.
Any other relevant informationMy partner's father is also on our mortgage as my job was not permanent at the time. He owns his own home and is retired and receiving a pension. He does not contribute to the mortgage, he was only signing on it to help us out. We currently have a complaint with the Financial Ombudsman as we thought he was just guarantor on the mortgage but is in fact on the mortgage.
What is your preferred realistic outcome?
I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"