Your figure for depreciation on furniture is low.
Thanks for this. Thought it was a bit low but do I need the original receipts from the furniture in order to claim this or are you allowed claim a reasonable estimate.
Also just checked the mortgage contract and there is no mention of informing the bank if the property is changed from PPR to investment.
Also the mortgage is already a 30 year term with 26.5 years remaining so probably not much point in extending the loan unless we absolutely have to.
I must still go in and have a chat with them though about what options may be available to us, the 100k left there at mortgage rates might not be the worst option, I could probably see a way around having this wiped out in 5 years or so if we tried hard!!
I really don't want to be a landlord in the long term, I just don't want the hassle but if needs must I will live with it until I can realistically afford not to be a landlord anymore.. The day the negative equity is reduced to the level where I can get out without too much pain I will be gone and wave goodbye with my expensive lesson.
oldnick, I presume what you are suggesting is a negative equity mortgage. The thing is I don't actually want to purchase somewhere now as we are based in Dublin but would consider moving away from Dublin in a few years time. With the market as it is there is no point taking a punt on house prices to look to sell again in 2-3 years time. Personal circumstances will make it difficult and undesirable to stay in the apartment for that time but maybe we'll have to live with it.
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I must still go in and have a chat with them though about what options may be available to us, the 100k left there at mortgage rates might not be the worst option, I could probably see a way around having this wiped out in 5 years or so if we tried hard!!
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