AVCs
College savings plans: Children's allowances plus €200
Expenses p.m.: Mortgage and Ins: €2800
In short I am kicking can down the road but is that much different that what government and banking institutions do with large debt though I'm no financial expert.
If you do get an extension of five years you would have to pay off the capital of the two mortgages with in a reduced term of only 10 years
Hi dermotI have not run the figures either but from a basic reading of it from a PTSB perspective you have over €100k of a nett income from salaries. You have a surplus income from your letting. I am sure that PTSB would want an SFS statement from both of you before they would consider your case. I genuinely cannot see PTSB giving you an I/O extension for 5 years at your tracker rate. You might be lucky if you got an extension at an SVR rate on interest only for 5 years but that would not be much better than tracker rate + principle.
Are all the houses and mortgages in both of your names.
I do think you need good financial advice from a professional. You have big decisions to make but at least you are giving yourself time to plan something out.
You have to work out whether it is best to sell or keep the BTL's
You have to consider putting your retirement lump sums into the debt solution plan.
You will have to make big adjustments to your life style spending as a part of the solution.
You are not in an easy place and I hope someone else can come up with a workable solution to your situation.
I have given all my details here alright it just that I would be quite intimidated approaching PTSB on my own
in relation to the overpayments and the term, apologies if i dont understand, if for example I pay off 5k and the repayment drops to 2700, would it not be better to reduce the term by two months as I can afford to pay 2800, - would this be more cost effective in terms of reducing the associated interest or is it that by reducing to 2700 I can use this 100 to put towards the BTLs
tks again
My reading would be that you're better to reduce the payment to 2700, but keep the payment at 2800 without reducing term. That way, if 1 or 2 months you could only afford the 2700 you're still meeting your payment terms and not running into arrears. Paying the 2800 per month is reducing your term anyways, you just haven't committed yourself to having to meet figure that every month (even if you can).
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