In my view, you would be better off being repossessed in 2023 than being repossessed in 2013.
Even leaving aside the moral aspect to this, this would only work if bankruptcy somehow wiped the slate completely clean so that access to credit wasn't a problem. But the OP won't be able to get another mortgage for a very long time, if ever - so whether on rent or on a negative equity mortgage, they WILL be paying for their accommodation with 'nothing to show for it'.The problem with negative equity is that the OP can see that in the long run they will have to keep making payments to the bank for the rest of their working lives, then sell the property and end up with nothing to show for it.
Cutting the losses now, going bankrupt will give the OP the rest of their lives to get into a better financial position rather than being a debt slave to the bank.
Brendan, one thing to bear in mind is PTSB are/were looking to have all BTL switch to cap plus interest to keep the tracker rate. I know it was not said, but if they were successful, it would put a whole different perspective on matters for the OP and many others.
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