Hi
I bought an 'investment' property apartment Dec 2007 in Sligo. Paid €256,000. Thought it would be a good investment and add to my pension. Bad decision ....Got a tracker mortgage for €220,000 for 20 years. It has been rented since end 2008 - varying rents over the years. I'm finding it tough paying the mortgage now and am considering selling it as its a noose around my neck.
Mortgage per month €1520.
Rent €1,000
LPT €200 year
Maintenance fees €1200 year
Tax paid for 2023 - €3107
Estimated value of property €195,000
Estimated amount on mortgage €105,000
I'm a public servant - aged 60.
Sell or hold? Appreciate any advice.
You’d need to post details of your overall financial position to get more meaningful advice. If the mortgage ends in 2027, why is there so much still owed?
It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
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It is not possible to answer your question properly without knowing the full context.
You have a net investment of €90k on which you are making a profit after tax of about €3,000 a year.
You have a low margin tracker - when the ECB rate comes down, you will have lower repayments.