Options available to me with negative equity investment

R

Ruaghain

Registered User
Messages
4
Hi Folks,

I'm trying to figure out what options I have with regards to a single investment property that I own in Sligo, which (since the bust) is in negative equity. I currently rent in Dublin, and would like to be able to get my own place really. At the very least, I'd like to see about reducing my mortgage payments (The mortgage is with Ulsterbank, and I'm not on a tracker). These are the problems I've encountered:

1. Can't move my mortgage to another bank, as it's an investment property, and it's in negative equity.
2. Can't avail of reduced rates offered from my bank since it's not my primary residence, and it's an investment mortgage.
3. Can't avail of a trade up mortgage, again because it's an investment property, and not my primary residence.

Seems every avenue I try, is blocked to me. Any suggestions would be welcome.

Relevant details are as follows:

Income Details:
Nett Monthly: ~3K
Rent Received: ~500

Personal Circumstances:
Marital Status: Single
Dependents: 0
Monthly Outgoings: ~2K (Including mortgage, rent, groceries etc)
Employment: Secure

Investment Property:
Lender: Ulster Bank
Amount Outstanding: ~197K
Interest Rate: Variable (4.2%)
Monthly Repayments: ~950

I've no other savings or investments.

Regards,
R
 
Last edited:
What are:- (i) Your Income. (ii) Financial Outgoings

Are you married? Family? Secure Employment?

Are your parents living?
 
In regards to your questions:

1. ~60K
2. ~2K monthly (including mortgage, rent and groceries etc)

I'm single, and in secure employment. My parents (elderly) are alive, but don't live in the state.
 
Is is safe to presume that you rent out your property in Sligo? If so is this in addition to your income?
 
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