Needtomove
Registered User
- Messages
- 23
This is the kind of advice I hope I will be lucky enough to receive
Financially it is far better to continue with the buy to let. In return for the 45k you contribute over the next 14.5 years, you will then own a house worth 120k which will produce a rent thereafter (in todays money) of 11k gross.
Thank you everyone so much for taking the time to give such detail.
Thing is...IF I sold apartment now ...I would use 8k of the 20 to clear debt and take a holiday and leave the rest as out contingency fund.
And then that's it...money gone....whereas I am now thinking if I could continue to pay the 3k pa myself to keep apartment going...at least at end of 15 years that 45k will be woth 120k to me if I sell at that price. ...I know it's not that simple...but in real terms to me ...if I sacrifice 3.5k pa I will end up with a lumpsum of 120k to pay down my mortgage etc etc
Through helpful feedback here and my own gut feeling I am swaying towards keeping it.
.but being honest within the last year we have been struggling financially day to day and have "dipped in to it and then re paid out of salary .
Just like the other poster here at the moment I feel we are laterally working to pay bills
...it would just get you down...the whole drudgery of it all ..
have our own family home- owe €200k worth circa €300k interest rate 4.25%
14.5 years left on my mortgage i will be 55 then with 2 college going kids , still 12 year to go on my own mortgage.
Monthly take-home pay €4200 plus €280pm children’s allowance Total 4480
What interest rate are you paying? 4.25% - €975pm after tax relief
Credit Union loan €6000 – but €3k in savings – pay €180pm
Home loan -€4k- pay €180pm
If not, what is the balance on your credit card? €1100 – arrangement –pay €25pm
Do you own any investment or other property? yes
childcare cost €1100pm- have discussed with child-minder re when I on mat leave-and then return to work- all too far in the future to discuss fees but hoping max €1400pm as that stage both kids nearly in school etc
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