DavidKoresh
Registered User
- Messages
- 7
I own a property with my brother and we are deep in negative equity. The property is worth c€300K and we have a mortgage outstanding of almost €800k. However, this is a tracker mortgage with an exceptionally good rate and even though I could reduce my borrowings I wouldn't want to because of the incredibly good rate.
Thanks for the smug comments gents. I asked this question on behalf of someone else and not in relation to myself. By the by, my own mortgage difficulties were resolved last year.
There is no way I can see a bank loaning you money to buy again. How on earth is the loan to value so bad, that was some chronic investing property. Is the rent covering the tracker, taxes and running costs. 800K is one heck of a mortgage? My mind boggles at how much rent you'd have to achieve to square that?
Another downside is owning a property with somebody else, but brother isn't too bad.
Actually that mortgage makes no sense to me whatsoever. Something is missing in the story.
There is no way I can see a bank loaning you money to buy again. How on earth is the loan to value so bad, that was some chronic investing property. Is the rent covering the tracker, taxes and running costs. 800K is one heck of a mortgage? My mind boggles at how much rent you'd have to achieve to square that?
Another downside is owning a property with somebody else, but brother isn't too bad.
Actually that mortgage makes no sense to me whatsoever. Something is missing in the story.
1) I never said that the house bought with this person's brother was an investment property. It's a home, so therefore it is not rented out.
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