We pay €1500 rent to live in a house in a better area. Moving back to our property is not an option. We pay €1000 childcare monthly. We are frequently left with no money at the end of the month. We pay huge fees to the bank every time they take out a standing order for gas etc and there's nothing in the account to cover it. We are living totally beyond our means but cant see how to rectify it. Rents in the area we are living in are €1300+. We need a 4 bed, hence we are paying €1500.
I think this is the key to understanding your financial issues.A short summary of your monthly budget:
I suggest you need to write down everything you spend money on in the month...
Amount of Mortgage Interest Supplement received €230 due to end very soon.
Can you clarify if this is MIS from DSP or do you mean interest relief?
Amount of Mortgage Interest Supplement received €230 due to end very soon.
Can you clarify if this is MIS from DSP or do you mean interest relief?
Oh sorry I meant TRS.
This is heartening I have to say. I wasn't sure was there a point talking to the bank seeing as we have no savings behind us.You have a house that you dont live in, you don't need and you don't want - Sell it.
To do that you will need your lenders permission and you will need to enter some agreement on how the negative equity portion is paid off. I think its worth your while, asking your bank about a negative equity mortgage.Your income is strong and that would be one way of dealing with current NE and also getting your own home
If you're not able to get a negative equity mortgage, you will need to start saving for a deposit on a new home. You will need to cut corners on your day to day spending to achieve that.
My husband is Spanish and we have to visit the family 3\4 times a year. We've agreed that if we were to try get another mortgage they'll have to start coming to us!
My kids need to see their grandparents. They're not jolliers holidays. We don't all go 3/4 times. I might go once a year with one child. He goes another time with one of them. Xmas is the only time we all go together.Really?? I think they should start coming already. I cant afford to bring my kids to the cinema as a treat, I would consider visits to spain 3/4 times a year a bit extreme. Could your husband go by himself or you all go maybe once during the summer and his family travel to you.
Quote " We are living totally beyond our means but cant see how to rectify it",yet when people quite reasonably suggest that 4 holidays a year are excessive when direct debits are bouncing from your account,and that you don't need a 4 bedroom house,and indeed could save on your own figures €2400 a year,you get defensive.No-one is on this forum to get at you,just to offer a different perspective.
What is your preferred realistic outcome?
That we could sell our house and carry over the debt to a new mortgage. . Would any bank entertain us? We have zero savings. Would there be any point in keeping the house and continuing to rent it and buy again?
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