Hi everyone, looking for some advice .... but please don't laugh at how stupid I've been.
Due to work and personal circumstances I'll be moving from Dublin to Clare in the next few months.
I hadn't planned on buying anywhere in Clare until things were tied up in Dublin and I'd sold my house there. But then the perfect property came up during the summer, at a very good price, at the same time my Dublin house went sale agreed.
I took out a mortgage on the Clare property of E70,000, leaving me needing around E40,000 for the rest of the cost. I didn't have that kind of money available at the time so I did the daftest thing imaginable .... I put the E40k on credit cards, believing I could have it cleared within a month or two.
You know what's coming next: the sale of my Dublin home fell through, and it's still on the market. And this is very definitely not a good time of year to be trying to sell a house!
I'm not panicking just yet, I can manage the repayments on my two mortgages and my credit cards for now, but I'm just worried that this will drag on for a few months, probably in to the summer, at which point I *will* be struggling.
I think my Dublin home was vastly over-valued by the estate agent so I got them to lower it by E100k to E520k. There have been two offers at that price but they're from people who still have to sell their own homes, so it could take an age for either to go through.
If I got E520k for my house I would come out of it with around E350k, so my finances would be healthy enough. But God knows how long it would take.
I would love to take out a loan to clear the credit card debt, but I can't imagine there's an institution on earth that would lend to me under these circumstances. I'm paying around E700 a month in minimum credit card repayments on top of around E1,900 for the two mortgages, and my after-tax monthly income is E3,700. A tight squeeze.
Do I just need to pay for my stupidity and grin and bear it, or are there any options to ease the financial pain if things start getting tricky in the next few months?
Any advice would be greatly appreciated. Thank you.
Due to work and personal circumstances I'll be moving from Dublin to Clare in the next few months.
I hadn't planned on buying anywhere in Clare until things were tied up in Dublin and I'd sold my house there. But then the perfect property came up during the summer, at a very good price, at the same time my Dublin house went sale agreed.
I took out a mortgage on the Clare property of E70,000, leaving me needing around E40,000 for the rest of the cost. I didn't have that kind of money available at the time so I did the daftest thing imaginable .... I put the E40k on credit cards, believing I could have it cleared within a month or two.
You know what's coming next: the sale of my Dublin home fell through, and it's still on the market. And this is very definitely not a good time of year to be trying to sell a house!
I'm not panicking just yet, I can manage the repayments on my two mortgages and my credit cards for now, but I'm just worried that this will drag on for a few months, probably in to the summer, at which point I *will* be struggling.
I think my Dublin home was vastly over-valued by the estate agent so I got them to lower it by E100k to E520k. There have been two offers at that price but they're from people who still have to sell their own homes, so it could take an age for either to go through.
If I got E520k for my house I would come out of it with around E350k, so my finances would be healthy enough. But God knows how long it would take.
I would love to take out a loan to clear the credit card debt, but I can't imagine there's an institution on earth that would lend to me under these circumstances. I'm paying around E700 a month in minimum credit card repayments on top of around E1,900 for the two mortgages, and my after-tax monthly income is E3,700. A tight squeeze.
Do I just need to pay for my stupidity and grin and bear it, or are there any options to ease the financial pain if things start getting tricky in the next few months?
Any advice would be greatly appreciated. Thank you.