Age:
45
Spouse’s/Partner's age:
38
Annual gross income from employment or profession:
E32,000
Annual gross income spouse:
E25,000
Type of employment:
Private sector and self employed spouse
Expenditure pattern:
We are both generally 'spenders and small savers'
Rough estimate of value of home
E480,000- 520,000
Mortgage on home
E500,000 - we've been paying 1500 per month by arrangement with BOI went through MARP.
Mortgage provider:
BOI
Type of mortgage: Tracker, interest only, fixed rate
Tracker ECB + 1%
Interest rate
Tracker of ECB + 1 %.
Other borrowings – car loans/personal loans etc
Personal loans from failed business 23,000
Paying 250 per month by arrangement with 3 creditors 100 100 50
Do you pay off your full credit card balance each month?
No credit cards
Savings and investments:
E12,000 savings in credit union
Do you have a pension scheme?
I only started one , 4% from myself 1280 and 8% from employer 2560- total 3840 per year
Spouse = no pension
Do you own any investment or other property?
Yes 2 properties
House BTL
value 280 k
mortgage 305k
Rent 1300 pm
on interest only at ECB +1.25% CIRCA 389 PM
BACK TO CAPITAL AND INTEREST IN APRIL 2016 PROJECTED PAYMENT 1500 PM
SHOP UNIT
Value 200k
mortgage 325k
rent 1500 pm rent in 3 months arrears not 100% stable going forward
PTSB 4.7%
monthly payment of 1900 by arrangement - subsidizing by 400 pm
insurance 1600 per year subsidized also
Ages of children:
10 & 8
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
I built up the above properties in the crazy days of the credit bubble. I originally bought the BTL as my home in 1999 and then re mortgaged it to buy a shop I had my business in. As my kids came along I bought my second house in the area I grew up in and let out the first house ,re mortgaging as I went on.
Then the crash , my business failed but I managed to let the shop out and paid my adjusted mortgage , but as the hard years came in ,rents halved in that area and things became unsustainable. I have stabilized the situation with all my creditors and things are ticking along, but I think maybe I should try clear the decks with the aim of keeping my home and giving up the other properties.full payments due on BTL from April 2016.
I returned to college in 2011 and have nearly completed an engineering degree part time, I have been offered a job for the above salary in a company with good prospects for a future career and feel like these properties shackle me somewhat.
I am considering a PIA but I am not sure how this would play out ,any advice welcome
BOI hold mortgage on home and BTL, PTSB hold mortgage on shop. 11k of personal loans are BOI also .
Thanks in advance.
45
Spouse’s/Partner's age:
38
Annual gross income from employment or profession:
E32,000
Annual gross income spouse:
E25,000
Type of employment:
Private sector and self employed spouse
Expenditure pattern:
We are both generally 'spenders and small savers'
Rough estimate of value of home
E480,000- 520,000
Mortgage on home
E500,000 - we've been paying 1500 per month by arrangement with BOI went through MARP.
Mortgage provider:
BOI
Type of mortgage: Tracker, interest only, fixed rate
Tracker ECB + 1%
Interest rate
Tracker of ECB + 1 %.
Other borrowings – car loans/personal loans etc
Personal loans from failed business 23,000
Paying 250 per month by arrangement with 3 creditors 100 100 50
Do you pay off your full credit card balance each month?
No credit cards
Savings and investments:
E12,000 savings in credit union
Do you have a pension scheme?
I only started one , 4% from myself 1280 and 8% from employer 2560- total 3840 per year
Spouse = no pension
Do you own any investment or other property?
Yes 2 properties
House BTL
value 280 k
mortgage 305k
Rent 1300 pm
on interest only at ECB +1.25% CIRCA 389 PM
BACK TO CAPITAL AND INTEREST IN APRIL 2016 PROJECTED PAYMENT 1500 PM
SHOP UNIT
Value 200k
mortgage 325k
rent 1500 pm rent in 3 months arrears not 100% stable going forward
PTSB 4.7%
monthly payment of 1900 by arrangement - subsidizing by 400 pm
insurance 1600 per year subsidized also
Ages of children:
10 & 8
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
I built up the above properties in the crazy days of the credit bubble. I originally bought the BTL as my home in 1999 and then re mortgaged it to buy a shop I had my business in. As my kids came along I bought my second house in the area I grew up in and let out the first house ,re mortgaging as I went on.
Then the crash , my business failed but I managed to let the shop out and paid my adjusted mortgage , but as the hard years came in ,rents halved in that area and things became unsustainable. I have stabilized the situation with all my creditors and things are ticking along, but I think maybe I should try clear the decks with the aim of keeping my home and giving up the other properties.full payments due on BTL from April 2016.
I returned to college in 2011 and have nearly completed an engineering degree part time, I have been offered a job for the above salary in a company with good prospects for a future career and feel like these properties shackle me somewhat.
I am considering a PIA but I am not sure how this would play out ,any advice welcome
BOI hold mortgage on home and BTL, PTSB hold mortgage on shop. 11k of personal loans are BOI also .
Thanks in advance.