Hi
Not sure if this should be in trackers or negative equity mortgages, feel free to move.
I am an accidental landlord with a house that's worth about Eur260k and I owe Eur280k to ABI, tracker of 1.1%
I have since bought another home and I don't want to be lumbered with 2 mortgages any more. We had great tenants in for 5 years who have recently left, but because i didn't increase their rent when market rates went up, legally I can now only charge new tenants just over half of market rate. Not a great return for the risk and doesn't come close to paying the mortgage once tax and expenses taken into account.
Airbnb not a runner as it's not a particularly tourist friendly location,
I know property markets are rising but I'd say I've a year to 18 months to go before im fully out of NE and I just want this monkey off my back and to sell up.
I'm not buying anywhere so I can't do negative equity trade up mortgage. Interest rates on personal loans are too high.
What are the chances of AIB letting me sell and pay back the eur20k negative equity at the 1.1% tracker rate im currently on?
Any thoughts or opinions welcome
TIA
Not sure if this should be in trackers or negative equity mortgages, feel free to move.
I am an accidental landlord with a house that's worth about Eur260k and I owe Eur280k to ABI, tracker of 1.1%
I have since bought another home and I don't want to be lumbered with 2 mortgages any more. We had great tenants in for 5 years who have recently left, but because i didn't increase their rent when market rates went up, legally I can now only charge new tenants just over half of market rate. Not a great return for the risk and doesn't come close to paying the mortgage once tax and expenses taken into account.
Airbnb not a runner as it's not a particularly tourist friendly location,
I know property markets are rising but I'd say I've a year to 18 months to go before im fully out of NE and I just want this monkey off my back and to sell up.
I'm not buying anywhere so I can't do negative equity trade up mortgage. Interest rates on personal loans are too high.
What are the chances of AIB letting me sell and pay back the eur20k negative equity at the 1.1% tracker rate im currently on?
Any thoughts or opinions welcome
TIA