H
HelpStressed
Guest
This is a long winded story so please bear with me....
My house is currently only worth about €90,000k. Balance remaining on the mortgage is €223,000.
We have three children, two of whom are only 15 mths old and 7 wks old. Eldest is 8.
We have NO family support what so ever where we are living. I'm due to return to work in September after my maternity leave is up.
My partner does have a house over where his family reside. He had that house as his own primary residence with his then partner, before he met me. When they split, he held onto it.. He is now living with me in my house. He has his property rented out, is registered with the tenants board and everything is all legit.
We are both on shift work (I will resume shift work when I return to work). They're ten hour shifts, so we'll have to work on opposing shifts, some of which will overlap at ungodly hours of morning and night, so therein lies a problem with childminding..... Hence us wanting... no NEEDING to move over to where his family reside. As it is, we cannot afford creche/childminding, despite both of us having "GOOD" jobs... What we earn on paper, is very much less to what we actually take home.
Are ye following all of this??!
My quandry is... in order for us to have ANY sort of quality of life. We need to move over to be near the inlaws. And fast. Living where we are right now is not working for us anymore.
I'm in negative equity by at LEAST €120,000. There's not a hope in hell of me being able to foot that bill. Was on to my lender to day and they said it would have to be paid over a ten year period. That is OUT of the question. That's providing the place with even sell..... NOTHING is selling in this area at the moment.
Would I be better off renting my property out? See what I can get a month for it? I'd be hit with a tax bill every year though wouldn't I? My partner is.. as he's registered with the tenant's board.. I'm aware that all expenses can be written off against the tax.. But to be honest with you, we are not in a financial position to be able to realistically hang onto this house. I just want shot of the damn thing..... But I'm ALWAYS going to be liable for the shortfall if I sell it aren't I?
I'm not in arrears ..... yet. Our savings and completely dried up so It's only a matter of time before I start to miss repayments. The bank have discussed with me an interest only option but that's really of no addition to us.. We would like to be able to move on with our lives somewhat, by moving to be near our family, so granny and grandad could mind their grandchildren during the MANY unsociable hours we will be working.
I really need to see a financial advisor to see what my REAL options are. There is not point in surmising... Well "this" could happen, or "that" could happen.
Where am I likely to get GOOD, sound, independent financial advise to cater for me? All financial advisors I see on line are really only there to help with investing, mortgages, pensions, overseas properties etc.
I've been onto MABS and they really only told me they deal with how I can budget better this is NOT what I need help with.
Sorry if my thread is completely all over the place. Bit like my head at the moment. Stress is creeping in and post natal depression doesn't help.
Any guidance or to put me in contact with someone who could advise me on what to do, where to go next would be genuinely appreciated.
Kind regards.. x
My house is currently only worth about €90,000k. Balance remaining on the mortgage is €223,000.
We have three children, two of whom are only 15 mths old and 7 wks old. Eldest is 8.
We have NO family support what so ever where we are living. I'm due to return to work in September after my maternity leave is up.
My partner does have a house over where his family reside. He had that house as his own primary residence with his then partner, before he met me. When they split, he held onto it.. He is now living with me in my house. He has his property rented out, is registered with the tenants board and everything is all legit.
We are both on shift work (I will resume shift work when I return to work). They're ten hour shifts, so we'll have to work on opposing shifts, some of which will overlap at ungodly hours of morning and night, so therein lies a problem with childminding..... Hence us wanting... no NEEDING to move over to where his family reside. As it is, we cannot afford creche/childminding, despite both of us having "GOOD" jobs... What we earn on paper, is very much less to what we actually take home.
Are ye following all of this??!
My quandry is... in order for us to have ANY sort of quality of life. We need to move over to be near the inlaws. And fast. Living where we are right now is not working for us anymore.
I'm in negative equity by at LEAST €120,000. There's not a hope in hell of me being able to foot that bill. Was on to my lender to day and they said it would have to be paid over a ten year period. That is OUT of the question. That's providing the place with even sell..... NOTHING is selling in this area at the moment.
Would I be better off renting my property out? See what I can get a month for it? I'd be hit with a tax bill every year though wouldn't I? My partner is.. as he's registered with the tenant's board.. I'm aware that all expenses can be written off against the tax.. But to be honest with you, we are not in a financial position to be able to realistically hang onto this house. I just want shot of the damn thing..... But I'm ALWAYS going to be liable for the shortfall if I sell it aren't I?
I'm not in arrears ..... yet. Our savings and completely dried up so It's only a matter of time before I start to miss repayments. The bank have discussed with me an interest only option but that's really of no addition to us.. We would like to be able to move on with our lives somewhat, by moving to be near our family, so granny and grandad could mind their grandchildren during the MANY unsociable hours we will be working.
I really need to see a financial advisor to see what my REAL options are. There is not point in surmising... Well "this" could happen, or "that" could happen.
Where am I likely to get GOOD, sound, independent financial advise to cater for me? All financial advisors I see on line are really only there to help with investing, mortgages, pensions, overseas properties etc.
I've been onto MABS and they really only told me they deal with how I can budget better this is NOT what I need help with.
Sorry if my thread is completely all over the place. Bit like my head at the moment. Stress is creeping in and post natal depression doesn't help.
Any guidance or to put me in contact with someone who could advise me on what to do, where to go next would be genuinely appreciated.
Kind regards.. x