Hi all,
Could use some help with decision were about to make.
Wife and I bought our apartment in Dublin in 2007. Nearly 10 years in, no issues paying mortgage to date. AIB tracker mortgage. Monthly payments are 1k but we have been paying 1500 for a couple of years now. Term left is 19 years. Mortgage left is @285k and apartment worth @250k.
A couple of kids added in and the apartment is no longer suitable so we are looking to move.
Approached AIB regarding negative equality mortgage but the options didn't seem great in terms of what we could buy with the offer so we looking to keep apartment and take on new mortgage.
@100k in savings accounts. Wife's salary is @65k gross and mine is @85k gross.
We now have mortgage approval for a loan of @385k from kbc with us coming up with the 20%, so looking at properties around the 450 - 480 mark.
The potential rent on existing apartment is 1600, so if we reduced mortgage back to 1k everything should be covered.
What do you guys think we should do?
Ideally we could lump savings off existing properties mortgage and increase payments. Would clear mortgage quicker but just doesn't seem plausible to stay put with the family situation.
Jim
Could use some help with decision were about to make.
Wife and I bought our apartment in Dublin in 2007. Nearly 10 years in, no issues paying mortgage to date. AIB tracker mortgage. Monthly payments are 1k but we have been paying 1500 for a couple of years now. Term left is 19 years. Mortgage left is @285k and apartment worth @250k.
A couple of kids added in and the apartment is no longer suitable so we are looking to move.
Approached AIB regarding negative equality mortgage but the options didn't seem great in terms of what we could buy with the offer so we looking to keep apartment and take on new mortgage.
@100k in savings accounts. Wife's salary is @65k gross and mine is @85k gross.
We now have mortgage approval for a loan of @385k from kbc with us coming up with the 20%, so looking at properties around the 450 - 480 mark.
The potential rent on existing apartment is 1600, so if we reduced mortgage back to 1k everything should be covered.
What do you guys think we should do?
Ideally we could lump savings off existing properties mortgage and increase payments. Would clear mortgage quicker but just doesn't seem plausible to stay put with the family situation.
Jim