Hi there
We're not in mortgage arrears yet but we will be when interest rises. I'm just looking for advice on my best approach here with banks. Here are my details. two investment properties and family home all in neg. equity, all bought between 2003 - 2007.
House 1 - variable rate - mortgage E870 per month (rent in E500)
House 2 - tracker - mortgage E1300 (rent in 1200)
House 3 - tracker - mortgage £1000 interest only, interest only ends in two years - total mortgage 653K
The plan was to sell one of my investment properties in the next year or so to pay off a large chunk of our main mortgage which is interest only but in less than two years our mortgage will be 3K upwards and the rent is falling way short on the other two properties. We have a combined income of about 5-6K per month (maybe 7K per month at a push as I'm freelance) so the figures won't add up in a year or two.
Should we approach banks now, should we try re-structure loans on investment or main house?? Sorry losing sleep worrying about this now, short of winning the lotto, we will be s@rewed!!
All advice welcome. The two investment properties are about 30% and 40% in negative equity so will be a long time before we could sell either.
Thanking you in advance
We're not in mortgage arrears yet but we will be when interest rises. I'm just looking for advice on my best approach here with banks. Here are my details. two investment properties and family home all in neg. equity, all bought between 2003 - 2007.
House 1 - variable rate - mortgage E870 per month (rent in E500)
House 2 - tracker - mortgage E1300 (rent in 1200)
House 3 - tracker - mortgage £1000 interest only, interest only ends in two years - total mortgage 653K
The plan was to sell one of my investment properties in the next year or so to pay off a large chunk of our main mortgage which is interest only but in less than two years our mortgage will be 3K upwards and the rent is falling way short on the other two properties. We have a combined income of about 5-6K per month (maybe 7K per month at a push as I'm freelance) so the figures won't add up in a year or two.
Should we approach banks now, should we try re-structure loans on investment or main house?? Sorry losing sleep worrying about this now, short of winning the lotto, we will be s@rewed!!
All advice welcome. The two investment properties are about 30% and 40% in negative equity so will be a long time before we could sell either.
Thanking you in advance