User Input|
Type of household|Couple
Type of transport|Private Vehicle
No. of infants|1
Reasonable Living Expenses|€
Total Before Deductions|1,778.76
|
1,778.76
Less Child Benefits|(130.00)
Total Set Costs
|
1,648.76
Total Costs
|
1,648.76
|€
Net Income|1,800.00
Net Income - Partner|1,400.00
Total Net Income
|
€3,200.00
Reasonable Living Expenses|1,648.76
Available For Repayments
|
€1,551.24
If you move back into your home, you will have €1,551 per month, which is well in excess of the full mortgage repayment of €1,024.
It seems clear to me that this is what you should do. It's very difficult to get deals on investment properties, especially when you are making the repayments in full. You may be able to get a deal under MARP if it's your home.
Continue letting the property?
Rent received| €650
Interest payable|€851
Loss before other costs| €200
You could continue to stay with her parents, simply reduce the payments to the interest only, but it will still be a drain on your resources.
Term loans
Credit union|€10k
Term loan|€14k
CC|€2k
Total|€26k
I am surprised that you seem to be only concerned about rescheduling your mortgage?
You could switch these to interest only which would be around €200 a month. You can't afford to pay, what must be around €1,000 a month on these.
If EBS agreed to interest only, then you could pay these more expensive loans off much quicker and should do so.
Summary
Move back into your home
Switch to interest only on your home for the time being.
Apply for rescheduling under MARP - Go above your local manager if he is not helpful.
Get rid of the most expensive loans first, but don't be afraid to reschedule them if EBS agrees some reasonable rescheduling