Folks, an offer has been put on the table. I'm completely illiterate when it comes to interest rates etc so any input would be great please:
Remaining mtg: €380,000
Substantial arrears: €60,000
I pay my mortgage in full each month.
Offer from bank:
Recapitalize arrears which brings the over all debt up to 440k on a current house value 220k
Pay debt off within the original time frame. No elongating of mortgage duration which will increase the monthly repayment to €2200 per month
I presume this includes the interest on the arrears.
I'm gutted to say the least.
; sitting looking at the work I'd done with my bare hands to see it all whether away but I suppose that's the price of the game.
There are a number of thyings you now need to consider:Recapitalize arrears which brings the over all debt up to 440k on a current house value 220k
Patrick,Folks, the latest in this long running saga. Things have moved exceptionally quickly. The bank were informed that I sought the advise of a PIP. I did not pay this months mortgage and am now in receipt of a letter saying that legal proceedings will commence in 10 days and a figure for their legal fees which I am required to pay.
I have been promoted in my job. This is an extra €400 approx per month bringing total take home up to €3,600 per month. Bank want €2,200 per month off me on a variable 4.5%.
I am placing the property on the market tomorrow and on sale of same heading straight to the UK. I will obviously have to hand in my notice. PIP has said that his offer is likely to be refused. So I know the UK is my only option.
Would the OP really be able to claim the UK as centre of main interest if they had a job waiting for them back here? Steve Thatcher's [broken link removed] doesn't address the point directly, but seems to suggest it could be problematic.The UK is not your only option and even if you do decide to go there you may be in a position to agree a 12 month break with your employer to give you this flexibility.
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