You are struggling with your mortgage repayments and you took out a loan for a handheld comp and camera??? At this rate, you won't get out of your subprime mortgage.
He had a couple of loans taken out to pay for a handheld computer and a camera each worth about 500 euro with HFC bank and missed a few payments in sucession.
we both have good salaries and it's so frustrating that most of our money is going on a mortgage.
in the back of my head, i knew it was about 1.5 years but i guess i was just hoping!
I wouldn't waste your time inquiring.
Treehouse, there's a clear choice for the banks:
1. Don't lend to poor risks
2. Allow for poor risks in everyones rate
3. Charge poor risks a risk margin (sub Prime)
3 is clearly better than 1 in theory as it offers poorer risks an option (in practice it creates a bigger problem of not protecting people from their own poor judgement!)
3 is vastly superior to 2 in my opinion as I don't want to pay the same premium for risk of default as somone with a poor credit history i.e. I don't want to subsidise people who have been less reliable with past credit
Personally I would not pay 5% above the going rate of interest I'd wait a couple of years till my credit history cleared, maybe taking out a few smaller loans in the interim and ensuring I paid them off.
If I was the OP I'd look for a guarantee of how long before I reverted to prime rates. If there's no guarantee that would be within a year or two I feel there's no option but to sell up and stop paying interest rates requiring 6% growth in property values p.a. to break even
I suppose you are right about the financial gymnastics required to sustain the current pricing levels. But there is a much simpler answer to the conundrum: allowing house prices to fall so that absurdities like paying €1m for a €270k property no longer occur. No?
This isn't going to be popular....
my advice is to sell the house immediately - even if this means taking a small loss now.
you are locked into 40 years of debt slavery (make no mistake, that's what this extortionate mortgage is - over 3/4 of a million in interest). If you need to take out a 40 year mortgage, you cannot afford to buy.
Rent until your financial situation improves and your credit rating gets back to a healthy status. Good luck with this.
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