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Why on earth would you sell your home when you have a combined annual salary of €112,000. You are in negative equity but as long as you can maintain the payments there shouldn't be any great pressure on you with that salary level.
I dont't think there is a formula per say but your overall debt including the mortgage is circa €400,000, that's about 4 times your annual income so it should be easily doable for you.
If I were in you position I'd probably sell up and simplify my financial position. I'd only do this if this wasn't my dream house, I was sure I wouldn't have kids and I was confident I wouldn't blow the cash surplus and run up new debts. Don't get hung up on the notion that the Tracker is to good to give up.Question; should we sell our home to clear all debts?
His debt including mortgage is 343K (Net of savings). Am I missing some figures here?
If I were in you position I'd probably sell up and simplify my financial position. I'd only do this if this wasn't my dream house, I was sure I wouldn't have kids and I was confident I wouldn't blow the cash surplus and run up new debts. Don't get hung up on the notion that the Tracker is to good to give up.
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