Post drafted by family member:
Hello all,
Another sob story – but would be delighted to hear some feedback please.
I took out my mortgage in 2007. 5% rate, five year fixed rate, mortgage duration 25 years, annuity home loan for 275k.
Back in the day this was seen as quite prudent. Property is in working class suburb and would be lucky to fetch 200k if put on the market.
I am self employed, barely making ends meet but managing to pay interest on the mortgage each month. I am also engaging with MARPs.
Now this is were it gets tricky:
I was left a property in 2008 and stupidly re-mortgaged it for 100k. I have had the property valued this week and the value is less than what I re-mortgaged it for.
This property is luckily rented and I have a surplus of 100.00euro each month to go towards the payment of my main residence.
The provider for my main residence wants me to sell the second property. They say if I don’t do so I will be ejected from MARPs.
I have explained that I am sceptical to do so as I am left with a surplus amount each month (not much I know) to put towards my mortgage with them and if I sell the property I will be left with a personal loan as well as having to give them 100.00euro less each month. They don’t seem to grasp this or maybe I’m missing something ???
Thanks in advance.
John
Hello all,
Another sob story – but would be delighted to hear some feedback please.
I took out my mortgage in 2007. 5% rate, five year fixed rate, mortgage duration 25 years, annuity home loan for 275k.
Back in the day this was seen as quite prudent. Property is in working class suburb and would be lucky to fetch 200k if put on the market.
I am self employed, barely making ends meet but managing to pay interest on the mortgage each month. I am also engaging with MARPs.
Now this is were it gets tricky:
I was left a property in 2008 and stupidly re-mortgaged it for 100k. I have had the property valued this week and the value is less than what I re-mortgaged it for.
This property is luckily rented and I have a surplus of 100.00euro each month to go towards the payment of my main residence.
The provider for my main residence wants me to sell the second property. They say if I don’t do so I will be ejected from MARPs.
I have explained that I am sceptical to do so as I am left with a surplus amount each month (not much I know) to put towards my mortgage with them and if I sell the property I will be left with a personal loan as well as having to give them 100.00euro less each month. They don’t seem to grasp this or maybe I’m missing something ???
Thanks in advance.
John