Hi, could really do with some help. I had applied for the mortgage to rent scheme. Everything was going ok. The house was valued at 180,000 (in the country). The council said there was a need for social housing in the area. But the housing agency say they cannot make an offer to the bank as the rents in this area are only 600 or 650 euro. They say this is more than 15% below the repayments they would have to make.
The house is a dormer style house in the country (south Tipperary) I think they classified the house as a 3 bedroom. However it is a very big house (2500 sq feet and an office which could easily be called a bedroom). A local auctioneer told me we should get 700 rent for it.
I am married with 4 children. I really do not want to lose house. We built on family land.
I have not made payment on mortgage since Jan 2014 (business closed down). I am currently in college doing a degree (3 years to go). My wife is also back in college. There are also no houses available in the area to rent. Auctioneer says not a hope of getting house to rent. Do not want to move kids from school.
Mortgage of 250,000 with 230,000 to pay. Bank of Ireland
Over 20,000 overdue
We also have debts of up to 200,000 from business (sole trader) BOI loan, BIFinance, revenue.
Really appreciate any advice.
The house is a dormer style house in the country (south Tipperary) I think they classified the house as a 3 bedroom. However it is a very big house (2500 sq feet and an office which could easily be called a bedroom). A local auctioneer told me we should get 700 rent for it.
I am married with 4 children. I really do not want to lose house. We built on family land.
I have not made payment on mortgage since Jan 2014 (business closed down). I am currently in college doing a degree (3 years to go). My wife is also back in college. There are also no houses available in the area to rent. Auctioneer says not a hope of getting house to rent. Do not want to move kids from school.
Mortgage of 250,000 with 230,000 to pay. Bank of Ireland
Over 20,000 overdue
We also have debts of up to 200,000 from business (sole trader) BOI loan, BIFinance, revenue.
Really appreciate any advice.