Case study Home and two investments all in neg equity

Isn't it delightful to see all theses posters coming out of the woodwork berating my knowledge, on what I know people who have been in the same ,if not worse positions than the OP have been through.
I am telling you how other people I know who have had serious problems like yours, have extricated their families from the bad decisions they made during the credit bubble. Your decision , your life.
Have any of these posters offered you a route map out of these problems? other than Brendan ,who I think will agree is vague and uncertain path at best dictated by bankers.
Come on Sebadoh, lets here it ,lets here your advice.
oldnick whats your solution ? I agree with all your whishy washy stuff but what do you advise the lady to do ?

Serren, if you dont fight for your families future nobody will.
I would hate you to look back on these posts in 2 years and say " Why did'nt I do it earlier " Time is your most valuable asset . What you and your kids will pay in extra taxes in the coming years to pay for the bankers bust will more than cover your debt . Don't listen to this bull and don't be a patsy .
 
GDUFFF, Your advise is excellent. There are to many begruders who seem to savour on the misery many honest, hard working people now face in relation to property loans and investments. Strategic default is the only option for many as the Banks/Goverment have failed to address the situation. After 4 years, we have a Personal Insolvency system which has to be approved by the banks. It offers no balanced solutions and will not work.
 
Folks

I think we have let off enough steam in this thread.

Restrict further comments to the Serren's particular case. Feel free to debate the general issues in some other thread, and refer back to this thread.
 
I've modified the amounts based on the latest figures as of 10th Sept but not changed the comments. These comments and the posters until the 10th Sept are out of sync as the figures have changed so dramatically.


This is a very interesting thread and I think with the times that are in it all views are to be welcomed. As I found the original layout confusing I didn't reply earlier so to get thoughts in order I'll start with the figures

Income

Wife 1112 X 26 / 12 = 2492
Husband 940 X 26 / 12 =2036
Child allowance = 428

Total Income: 4956 monthly


Outgoings


Mortgage 890
Top Up 273
Insurances 262
Nanny 1000
Health Insurance 144
CU 380
Groceries 500
Gas 200
Phone 80
Broadband 30
Sky 70
Diesel 400
Car Insurance 1 ?
Car Insurance 2 ?
Car Tax 1?
Car Tax 2?
Clothing?

Total 4229

1. Even with the husband's overtime it never made sense
2. Looks like the top ups were used to keep everything going. That is why there are no arrears yet, that plus the restructuring of the mortgages.
3. Diesel is actually more like 433 a month and only going up
4. Ditto for home heating

Home

Mortgage balance 245K
Top Up 79K
Value 290K
Negative Equity 34K

Investment A

Value 90K
Mortgage balance 248 K
Negative Equity 158K
Term remaining 30 years
Interest rate 4.6% variable

Mortgage 1266
H Insurance
L Insurance 104 X 12 = 1248
Management 1400
NPPR 200
P Tax 100
Tax

Rent 970

Investment B

Value 100K
Mortgage balance 252K
Negative Equity 152K
Term remaining 30 years
Interest rate ? 4.6% variable

Mortgage 913 changing to 1266 next February
H Insurance
L Insurance 104
Management 1400
NPPR 200
P Tax 100
Tax

Rent 800

There is something wrong with the costs of the house and life insurances
 
Inheritence of 20K

Should be used to pay off the credit union. Owe 14K but have shares of 6K. So out of the 20K that leaves 12K

Frees up 380 Euro monthly. Need to keep 5K as savings for next car replacement or unexpected cost. Pay 7K off whatever costs more the top up or mortgage. Do not pay it off the investments no matter what the EBS says, please do not tell them about this until you've paid it off the CU etc.
 
Questions

1. How on earth did the EBS continue to give top ups with this level of debt
2. Did the rent cover the mortgage and outgoings when originally on interest only
3. Anything dramatic will send this family over the edge, car replacement or something like that
4. Was a broker involved in getting all the insurances? Looks like someone is making a killing on them

Comments

Totally insolvent, surprised that into this another child and further costs, sorry if this sounds crass, but I do see hope and it will not be difficult forever.

I'm starting to be very disappointed with Mabs, many posters are now coming on here and Mabs are telling them we will not deal with the investments, that is a pointless civil servant answer. Mabs get a grip, you cannot offer a financial solution unless you look at the full picture.

Mabs has also advised people to pay only their home mortgage, they are actually giving out his advice but not officially.

It is totally outrageous that the EBS suggested to people on a modest income to get four FOUR investments properties


Solutions

EBS has to agree to let this family sell the 2 investment properties
EBS have to be forced into dealing with this
EBS should then ideally write off the balance, if they will not do this then it should be converted into a personal loan at the 30 year term and interest rate. I wonder what that figure would be. OP then under the new insolvency regime would have to pay it for 5 (?) years and then it should be over. Or alternatively for the 5 years all surplus income to be paid to EBS
Family has to curb their spending further.
Insurances should be looked at very carefully

EBS & other financial institutions

There is no two ways about this, the EBS have to deal with this. OP is lucky that it's one bank for all debt. OP needs to realise that the EBS will not deal with her until she blinks first, that means defaulting on the investments. OP should not keep the rent. OP and husband can afford to live in their home and have a life but what they cannot do is subsidise the investments. As the OP has acknowleded they made an atrocious decision to purchase the investment properties, but this was done with the connivence of the bank, two parties were at fault and EBS are going to have to be part of the solution. OP thinks that she is doing the right thing by juggling all of this, but it's an impossible situation, that is not a negative, you are in such an insolvent state that you can I think force EBS's hand.

You need to understand that banks don't want to take any of the properties back, why is this, this is because if they did so it would create such a tsunami of properties for sale that the whole property market would collapse and so too would the banks, so they are trying to ignore the problem by telling people like you to keep going, by restructuring loans, by allowing people to make reduced payments. If when you default they offer you reduced payments, it is not at all a solution, you're only actually creating more debt, do not be fooled by these kind of solutions.

You and your husband need to get over a hill, or a mountain in your heads, defaulting is not a failure, it is the beginning of a solution, you are one of many many people in an impossible situation. What you and he need to do is to be very clear on what to do and how you're going to do it, to not be worried about courts, or banks or default or debt or the neighbours. What is important is finding a solution for your family and to me there is only one way and that is to have the courage to take on the EBS, they're only a house of cards anyway.

I actually see light at the end of the tunnel for you Serren, you should live on your income and you do not subsidise the investment properties when you cannot afford to do so. Only you can decide what to do, but living the way you are now something's got to give, your health and your kids and now your husband's too. Please make sure that your husband is ok, men are very bad at letting things out, it is very important. Far more important than investment properties.

The UK options is another route, but I think in your case it is not necessary.

I realise it's easy for us to give you options but we don't have to live your life, nor would I want to. Nor do we have to make the hard decision you are going to have to make. But I do know this, if I were in your situation I would want to sort it out now, while young, while you have good jobs, while you still can and by doing so you will give yourself back that which you seek which is a solution and a family life once more.
 
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Some othr poinst;-

1. Child allowance with four kids will be ,unless changed, about 7.000 euros tax-free P.a. I got a bit lost in all the figures . Was this included ? Quit a large nett sum.

2. I can't get my head a round the many and amazing high costs of insurances.
-14.000 euros p.a. Really ? Serren- have you shopped around?

3. There are various extremes :-
A) Duffy's advice to not repay the loans, even with the rental income which derives from the loans.
B) Pay what the banks want.

NOBODY in these posts is telling Serrren to do the latter. But considering the former until one has properly re-jigged finances is irresponsible. I don't wnat to be harsh but there are soem costs that as Bronte has pointed out seem not to make sense,or are too high. Maybe a good review by an independent expert may help.
 
Cashier - OP already stated that she had 3 ,soon 4, children.
The expensive burden of 3/4 children was already in the figures.
But the 7.000 was not.
I was pointing this out in order to have a better overall picture of debits and credits.
I didnt need to be told how dear it is to raise kids.
 
Hi Folks,
Thank you all so much for taking the time and effort to reply yesterday, particular thanks to Bronte, you have put alot of work into your reply , apologies that my origional post had not an easier reading layout and the figures more clearly presented. The posters on AAM have been more than kind in all the advice you have given us, all the time, effort and hard work that you all have put in over the last few days , well I am in one way dumbfounded that people still genuinely care about one another to give a complete stranger their time and patience to thrawl through these figures and give their honest opinions about how best to proceed.

For that I am thanking each and every one of you folks for your help and advice, am humbeled.
I have tried to post all day yesterday in reply to some questions, and if I may, I will clarify some figures so it all may make a little more sense......
 
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Bronte,

In relation to the Top up of 105 K ...
When we purchased the RIPs we had to put 105 k on our PPR.
This top up has been paid every month over the last 7 years, its on a tracker also.


Our PPR-
Purchase Price- 330 k
Deposit - 30 k
Mortgage on PPR - 300K
Paid all legal fees ourselves so not included in mortgage amount.
Top up currently circa - 79 k
Mortgage balance outstanding- circa 245k
Current Value of PPR - 290 k
I gave a figure in the initial post that PPR was in negative equity of 50k, that figure included paying the top up if we were ever forced to sell. ( Actual figure 44k negative equity to clear both home loan and top up).


So the top up was taken out in tandem with the purchase of the RIPs.
Not at al later stage to facilitate bridgment payments to mortgages.
Hope that makes a little more sense ?? If I can clarify anything further just let me know, ;)

You also asked about insurances we have, I will break those down also,
All insurances have been cost compared, through websites or companies and we believe we have the best rate , even though fiercly expensive, to protect ourselves if something happened either one of us, all mortgages would be cleared.
 
I initially gave a figure on my first post that said :

PPR Mortgage - E890.00
Inclusive of insurances - Mortgage protection, Home insurance, life insurance and SIC together cost us E262.00 per month.
Both those figures together gave the total of E1,142.00

We have insurance on both the RIPs - covering the amount borrowed 500k , split between the two of the RIPs, 248k and 252 k respectively( top up of 105 k on our PPR makes up the 605k).
The insurance for this costs us E 104 per month. Covers the full 500 K if either of us ..well...dies, of natural cuses.

So my apologies if that read differently and I caused mis intrepretation.
I know most figures for everything off bat, but I am not in the financial/ economic sector and must look like a complete muppet to seasoned professionals like yourselves who could have laid this out far far better than I at the start....but I made a start, and I think slowly its starting to become more understandable. So thanks for being so patient with me and my total inexperience ,xxx


Cashier, thank you for your post too.

We did indeed look at an au pair, wouldnt rule one out anytime in the future either, I must check out the thread on au pairs here too ( is there anything u guys dont know about !)
Though I have spoken to my childminder, she is willing to reduce her daily rate to E 55. I am working full time, I work a 4 day week every week and tkae Mondays off with an hour of parental leave and and hour annual leave.
So childcare costs have been reduced to E880.00 per month.

Once my husband goes to a basic week / flat rate week, he will be at home more often and I have mentioned going down to a 3 day week then, I am not paying for a childminder to come if my husband will be there also.
This option would definatly work for us, fingers crossed it will suit our childminder too. But I have to prioritise our family now.
Maybe an au pair would be ideal also, except that the school is a nice little walk form our house, fine in the summer, but just thinking of the winter months too. I thought having an au pair may reduce childcare costs also but perhaps increase the cost of groceries/utilities and general househol expenses and maybe have a negative on the household budget ? But am open to correction on that one.....Will read the thread before I make any more decisions. But for the time beong, while it suits both ourselves and our minder, this arrangement may work better.
I will also look into changing Sky to free to air. Though its actually the last little thing we have left for us as a family...we cut everything else out to make ends meet. Having the sky was the last little plesure we had to sit as a family , have popcorn and watch a movie...Though will look into it Cashier.
I knwo you think I probably havent time to bless myslef....It is busy...but its a good busy...I start work at 07;30 and I'm home by 16:30. So I always get to cook dinner and we have dinner as a family..I am always there to bath the kids, read them a story and tuck them up in bed....I get to spend every weekend with them, and I think they appreciate our time more than any monitary give we could ever get them. Well thats my philosophy anyway !! So I'm thrilled my hands are so full, we thought we'd have to go down the route of IVF initially....waited years to have them ...and wouldnt change anything for the world about them xxxxxxxx
 
At the start of this year we actually approached a Financial Advisor to negotiate/ talk with the EBS on our behalf. The only people we could ever secure a meeting with in the EBS was our local brance manager.Incidentally the same chap who approved all the mortgages for us.
When we go to speak with him, he always says we are lucky to have our permanent pensionable jobs, we have the RIPs rented for whatever we can get from them...he says there are people way worse off than us...we should just suck it up and get on woth it. We've said for the lst 3 years we were afraid that the overtime would go on my husband and that would dramatically reduce our income and therfore our ability to pay on the RIPs. We were told...as Brendan hit the nail on the head...your not in arrears....get out of the office.......come back if it happens....( The ot going )

The Financial Advisor we got in contact with has written books, has a phenominal reputation in the media as a formidable force....well he got no further. He emailed, phoned...could never even get a meeting with anyone to discuss a plan of action on the RIPs.....We got offered IO again for the year.....The advisor told us to take the hand off the bank...we were not that happy as its kicking the can and its not a real solution to our problem......The Advisor just said,,,sit tight...see what legislation comes out...see if its applicable to you.....

I realise that I have monopolised alot of the folks on here over the last week....thanks from the bottom of my heart for all your replys.

Can anyone advise me now, either by pm...who to speak with in real life, so to speak about the RIPs and the best way to proceed with them. I know you cant actually advocate any names here, but Ithink if we have the right person in our corner we might just get out of this ok.....
I havent slept much really since posting here....really bothered by all I'm reading....I know your only telling me the truth....but I am reading its either bankrupcy in the UK...strategic default.......that we're insolvent....total lump in throat about that one.....
So I think we need someone in our corner who can blow the EBS out of the water....
Another OP asked who would blink first in an engagement with the EBS....know damn well I'd blink first !!!


Guys have never even ran a red light before....this is hard to even read never mind start to make a plan......

So any advice on what to do /where to turn in real life would help enormously. I am in living in Dublin, on the outskirts.

Thank you again, so much for all the time, effort, patience and knowledge given to me in abundance over the last few days......I am truely honestly humbelled and greatful for everything.


Serren, xxxxx
 
PS - childrens allowance is E428.00 per month
I use E240 for childcare ( 240= two childrens allownace )
And the other E188.00 goes towards paying off mortgage.

Chat soon,
Serren, xxxx
 
This is most difficult. Serren can you just concentrate on figures for me and also answer each of the following questions:

1. For your home loan, please break down the insurances. You seem to have 4 for this, Mortgage protection, home insurance, life insurance and SIC (what does that mean?) You've given a figure of 262 for these, but you also gave a figure of 144.

2. What would be really great is if you could go line by line down the figures I compiled and point out which is incorrect.

3. In relation to child allowance, I thought there was another type of child allowance that paid out a grand or two, something that was introduced in recent years? Oldnick had thought you should be receiving 7K?

4. Can you tell me what is the house insurance for the investments.

5.. Also please clarify the costs of the cars, insurance and tax in particular.

6. I cannot believe the figures have changed so much from what was already posted. Did you not have to compile all these figures for the EBS and did your financial advisor not also compile them?

7. Did you register your rentals with the PRTB, do you pay tax on the rents? Do you have an accountant to do your tax returns?

8. Grocery bills looks small for a house with so many babies (nappies are expensive). Getting rid of sky, despite your protestations frees up 70 Euro a month. That's 840 a year.

9. Why on earth do you have mortgage protection insurance when you have permanents jobs? Who advised you to get so many insurances.

10. Did you get 100% mortgage for the investments? What was the top up of 105K used for?

11. Is it absolutely necessary to have two cars, you mentioned school is within walking distance so presumable this too means shops, is your job on a bus route, you mentioned you're on the outskirts of Dublin.

I would like to know how much the financial advisor charged you. Your figures are looking a lot better. It's better to pay capital and interest and not just interest on any of the properties.

An au pair is not a good idea for a young baby
 
Bronte said:
3. In relation to child allowance, I thought there was another type of child allowance that paid out a grand or two, something that was introduced in recent years? Oldnick had thought you should be

baby
Click to expand...

Child benefit is €140 per child per month for the first 2 children, €148 for the 3rd child and €160 for the fourth and subsequent children. There used to be an additional quarterly payment of €250 per child until age 6, but it was scrapped and the early childhood education scheme was introduced instead a couple of years ago.
 
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Afternoon guys,
Apologies have not replied in a few days, the children have been ill and coupled with very little sleep , so much on at work its been a little difficult to get the time to reply until now. Thanks for bearing with me.
Bronte, I have copied and pasted your original layout and will if I may, correct figures that need alteration. In my initital post I unfortunatly did not use the case study format and I apologise for any misleading and confusing figures that resulted.It was not my intention to make the figures confusing :)



Income

Wife 1112 X 26 / 12 = 2492 - Correct
Husband 940 X 26 / 12 =2036 - Correct ( This figure is my husbands basic salary- without overtime. Earning overtime he currently earns 1,450.00 net per fortnight.)
Child allowance = 428 per month

Total Income: 4956 monthly


Outgoings


Mortgage 890
Top Up 273
Insurances 262
Child minder - E880.00 per month, re negotiated last week.
Health Insurance 144
CU 380
Groceries 500
Gas 200
Phone 80
Broadband 30
Sky 70 Spoke to Sky and will be cancelling this .
Diesel 400
Car Insurance 1 - E 575.00 per annum ( E47.91 per month)
Car Insurance 2 - E 532.00 per annum ( E 44.33 per month)
Car Tax 1 - E478.00 per annum / E39.83 Per month.
Car Tax 2 - E 478.00 per annum/ E 39.83 per month.
Clothing - E 80.00. Try not to ever buy anything full price,always wait till sales to stock up, and kids have worn each others clothes, Next well worth investing in, lasts an eternity in children years !!

Total :- Purposely have not added up to let Bronte know what changes were made.

Home

Mortgage balance 245K
Top Up 79K
Value 290K
Negative Equity 34K

Investment A

Value 90K
Mortgage balance 248 K
Negative Equity 158K
Term remaining 30 years
Interest rate 4.6% variable

Mortgage 1266
H Insurance : Encompassed in management fees.
L Insurance 104 X 12 = 1248 ( Covers the full amount borrowed in the event of one of our deaths, not manditory, but we felt essential)
Management 1400
NPPR 200
P Tax 100
Tax : To be confirmed

Rent 970

Investment B

Value 90 K
Mortgage balance 252K
Negative Equity 162 K
Term remaining 30 years
Interest rate 4.6% variable

Mortgage 913 changing to 1266 next February, Interest only at the moment, capital and interest repayments due next Feb- 1266 per month.
H Insurance- encompassed in the Management fees block policy.
L Insurance 104
Management 1400
NPPR 200
P Tax 100
Tax

Rent 800


Bronte, you have asked 12 questions whilch I will also go through point by point to clarify, hope this makes for easier reading and easier interpretation....

1) Insurances :
We pay E262.00 for life cover, serious illness cover (SIC) and home insurance. If I am allowed to mention company names, I'm not sure, already named the bank, but IL the main insrance company in Irelans, insuring us has put a 75% loading onto my husbands policys due to the fact he is a smoker.
I have to get the policy document back from the Financial Advisor to check re the mortgage protection...I honestly thought we were paying that, but hand on heart I cant swear to that just now.
The 104.00 is for the RIPs, life cover to ensure full mortgage clearance on the event of either death, God forbid.

2) Changes made highlighted for Bronte,xx.

3) Re child allowance, there was indeed a quarterly payment given to each child, this payment was abolished over 2 and half years ago. The child benefit we recieve each month is E 428.00.

4) The investments are covered by a block policy for structural damage/repair etc . We dont have contents insurance.

5) Clarified costs of car insurance and tax. We pay these on a yearly basis usually. My husband has traded 'down' from a 08 to a 06 , to get a smaller car for commuting that was a diesel. We sold a lovely mondeo to do this, but we did what made most sense and use my car for the family and any long distance journies to be made. My car also Diesel, 04 model.

6) Completed an SFM both for EBS and the advisor. I think it was my initial layout that was the confusing part Bronte, It looked like we were paying over a thousand per month on insurances, when in actual fact that figure reflected both the mortgage and the insurances combined , my fault , apologies. I am not in the financial field, obviously, and it shows, I should just have kept to the facts and not explain figures !!

7) I have approached an accountant earlier this month to ask him about doing all the accounts/ backdating to early 2006. Know its going to cost us a fortune....my husband is actually not talking to me for the last few days because I approached the accountant to do this for us. He feels that we have thrown good money after bad to the investements, and he doesnt want to spend any more than he has to on them. I will also have to backdate registration with the PRTB...something I actually feel quiet ill about...I honestly thought if we never made a profit on them then how could they tax them, we have always been supplementing them, even the first year we bought. If we ever had made a profit, there would be absolutly no issue,would gladly pay tax on them, but seems your hammered either way.
So thats another thing keeping me up at night, the worry of what thats going to cost also. I'll just have to go softly softly with my husband and get him to buy into the idea that this will have to be done. I'm in the middle of sorting out two folders, onr for each RIP, for the accountant so its as seemless as possible to do up the accounts. Luckily I have kept most receipts and all documentation filled away, just a matter now of sifting through everything and getting it right for the accountant.
If I can ever convince my husband that we need to do this.......

8) I do two large shops per month, one a fortnight, circa 180/200 per fortnight,. I put 20.00 in a jar per fortnight, for weekly top ups of milk or bread only, usually does us the fortnight.I also go to a butcher every friday, (fiver friday !) get fresh meat and veg/ eggs there, and freeze deals so we cook from scratch as much as we can and never eat out or get take out. All work lunches made at home, bought flask and bring coffee to work etc....We bake also, scones brown bread etc !! Cook everything we can from scratch...never eat out or get take away....
I was on a course few weeks ago, 150 attendances, I was the only one who brought my lunch every day, may seem cheap , but it saves the cents .....

9) I need to check the policy document on that one Bronte, cant swear hand on heart that it is mortgage protection.We both have our salaries protected,as in have income protection.

10) The top up was taken out to facilitate purcuase of the RIPs. All taken out same time. We had finance for solicitors fees etc, but had no real deposit for the RIPs. This really unsettled us and we should have listened to our gut and just walked away, but broker advised us that this was the normal way to do things, it was for our children......think of their future.......

11) Unfortunatly necessary for the two cars, both commute to work, need cars for meetings outside work organisations also. We drive 04 and 06 cars, both diesel, we changed a lovely ford mondeo 08 for the 06 car as it made more sense for my husband to drive smaller car, diesel, and we'd use my car as a family car.

12 ) The financial advisor actually send back the cheque we sent him. He didnt quote us a fee, but he said we did so much prep work, legwork, groundwork, we secured the dame outcome he did, in securing interest only for a further year, he felt he couldnt engage meaningfully with the EBS. So he didnt charge us.
He also agreed with the IO, we were just kicking the can down the road and not securing a more tangible solution.

PS- no au pair yet !! We do have a spare double room, but with another lil person due next year, best keep options of bedrooms and existing sharing arrangements open at the minute , xxxxx


Thanks again to each and every one of you who read, posted, offered their support, crunched the numbers, and generally guided us in our way, particularly to Bronte, who seems to have taken us under her wing for a bit, thank you for your advice , help and support.

I would love to be able to do something nice for you too, for helping out so mcuh over the last few days.
Would be smashing to have a cuppa with the folks who have helped out , be able to look them in the eye, and genuinely say thank you to each and every one of you for taking the time, effort and skill to be able to seperate and tease out details that we dont see anymore.

Hopefully this reads easier and more logical.


Till next time,
Take care ,

Serren. xxxxxxxx
 
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Income

Wife 1112 X 26 / 12 = 2492
Husband 940 X 26 / 12 =2036 -
Overtime 510 X 26 / 12 = 1105
Child allowance = 428 per month

Total Income: 4956 monthly but currently 6061


Outgoings


Mortgage 890
Top Up 273
Insurances 262
Child minder - 880.00
Health Insurance 144
CU 380
Groceries 500
Gas 200
Phone 80
Broadband 30
Sky 70
Diesel 400
Car Insurance 1 -47.91 (575.00 per annum)
Car Insurance 2 - 44.33 (532.00 Per annum)
Car Tax 1 - 39.83 (478.00 per annum)
Car Tax 2 - 39.83 (478.00 per annum)
E Clothing - 80.00.

Total :- 4361

Current Income 6061 - 4361 = 2100 (to subsidise investments)
Future Income 4956 - 4361 = 995

Home

Mortgage balance 245K
Top Up 79K
Value 290K
Negative Equity 34K

Cost cutting

1. You've looked at cutting sky, be careful of contracts here
2. The car insurances look normal to me but others who are more expert on this might comment
3. Is there some kind of package for sky/broadband/phone, some of the technical people might have ideas here. I understand Ireland is moving to 'digital' no doubt there is going to be a cost to this. In relation to sky in particular I have free to air myself, only cost we had was a satellite dish and we had to get the sky box from the UK. Plenty of free TV. 4 BBC's etc.
4. Gas & ESB bill look very low so no cuts to be made there. Ditto for groceries and the way you shop and freeze etc.
5. It is generally better to pay car insurance and tax on an annual basis as there is a loading where paid monthly. This you are doing.
6. You need to ask the accountant how much he will charge you. Don't hire anyone until you know the fee. If you put everything in order the fee should be lower.
7. It would be better if your husband was in tandem with you in sorting out your financial affairs. But having said that one also has to be careful of another's mental well being.

Questions

1. What happens when the 4th child is born, are you planning again on staying at home and thereby cutting out the cost of the childminder for a few months?
2. Will the childminder need more money when there is another baby? I assume you will be entitled to the free creche scheme.
3. Can you come back with the insurances and amounts

Please double check the figures.
 
Now for the investments

Investment A

Value 90K
Mortgage balance 248 K
Negative Equity 158K
Term remaining 30 years
Interest rate 4.6% variable

Mortgage 1266
L Insurance 104 (1248 annually)
Management 116 (1400 annually, includes H. Insurance)
NPPR 200
P Tax 100
Tax : To be confirmed

Total: 1786
Rent 970

Subsidy 816

Investment B

Value 90 K
Mortgage balance 252K
Negative Equity 162 K
Term remaining 30 years
Interest rate 4.6% variable

Mortgage IO 913 (1266 from February)
L Insurance 104
Management 116 (1400 annually, includes H. Insurance)
NPPR 200
P Tax 100
Tax

Total: 1433 (+353 = 1786)
Rent 800

Subsidy 633 (986 from February)

Subsidy

816 + 633 = 1449

816 + 986 = 1802

Comments

The current excess of income over expenditure of 2100 is enough to subsidise the investments, it would still be enough when Property B moves to capital and interest.
Property taxes are going to be higher, but if the government keep going after landlords they are going to make the already barely functioning market even worse. This is what is holding them up on reducing the interest relief at 75%.
Your valations look spot on, a drop of 60 to 67%. Negative equity doesn't really matter if you are not selling and can afford the property. We're not allowed to discuss property prices on here but I would say in the future if you take the old rule of Rent x 12 months by say 12 (or 15) then the value is low and in a few years things will get back to a more even keel. You won't have to wait 30 years to get out of the investments, none of us know the future though. At the end of 30 years you will have an income out of them and before then you would be able to offload them when the value means there is no negative equity.
Probably income tax is going to rise. There are going to be more cuts and more income taken, that's a given.



Solutions

When your husband's income drops you need more income or else less outgoings.

1. You can save 208 (104 + 104) on the life insurance
2. If you get rid of the CU loan that frees up another 380
3. Could your husband get a part time job when he has more free time?
4. Taking the worse case scenario, subsidy of 1802 - 995 (excess income at reduced salary) = 807. Take off the 380 and 208 and it's only 219. Very tight. Maybe a saving can be made on the many insurances.
 
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