Cant afford repayments on investment property

[moonfish]

I can't afford repayments on an investment property.

Before anyone starts telling me its my own fault i never wanted to be a landlord.

Originally I had a small two bed house was quiet happy there. As my girlfriend got pregnant we had to get somewhere a little bigger.

I was told no problem selling house put it on market and put deposit on new one.

Then the crash happened and was tied into buying new one couldnt sell old one, I now have it rented out.

Here are the facts: rental income from that house is €850 monthly
being taken off interest only back on capital repayments €1,500 monthly.

I owe €269k on house and its valued at €160 - we cannot afford this.

My questions: I have no problems with mortgage in our residential hse only with this investment one.
what options do i have?

Could I sell rented house and put the 100k on my primary mortgage primary would go up to 1800?
Go back on interest only if allowed how long can u stay on interest only indefinitly?

 

[Guest105]

Moonfish - Welcome to AAM. It would be better if you change your title and it will enable you receive a much better response to your query.

 

[GinaB]

Hi Moonfish, I'm in the same situation as you (see my post today). If you get any good advice do let me know, and I'll do the same for you. GinaB