Hi
Long time since I've posted and again, looking for some advice after being made redundant in the UK.
I have lived in the UK for the past three years, I have a mortgage on a house which is now my family home, thanks to a large family gift (although if I were to sell this house, the "profit/gift" returns to the family member).
I've just been made redundant - little or no payoff, although I'm confident I will get work again.
I also have a house with PTSB in Ireland - former family home which I left when I lost my job in Ireland so I moved to the UK with family to get work). Current estimated value is €190k with 27 years outstanding on the mortgage and circa €280 owing on the mortgage. It's on a tracker of ECB + 2.25
Mortgage is currently 1200 a month and I have tenants in there paying €790 a month (after agent fees). It's been rented out for all but six months of the three years I've been in the UK.
Essentially, I am sending back circa £450 from the UK to cover the shortfall each month. This has been a struggle and I am three months in arrears with PTSB.
I'd just like some opinions on options really. I have kept in constant contact with PTSB and I am ringing up to make small dents on the arrears each time when I can, although they said they wanted it cleared by Christmas, which it won't be. It is tough/stressful sending over the shortfall each month and the redundancy has just brought things to a head.
There is a strong chance I would like to come back to Ireland "one day" - although I am a "Brit" my wife and kids are Irish. It could be ten years before we come back though.
Do I "stick it out" and keep trying to pay the shortfall each month, with a view that the mortgage and value will essentially meet in the middle one day?
Do I write to PTSB and ask them to engage in what I think is called a "Voluntary assisted sale"? What happens to shortfall then - do I owe the balance of the mortgage over the remainder of the term at the same rate? Would they do a deal on the shortfall - is ECB + 2.25 expensive enough for them to want to do something?
As I said, I can't bank on any profit on the UK house as in the event of me selling that, any profit (which will currently essentially be the deposit/gift received, reverts to the person who gifted it to us)
Advice, questions, thoughts welcome
Mac
Long time since I've posted and again, looking for some advice after being made redundant in the UK.
I have lived in the UK for the past three years, I have a mortgage on a house which is now my family home, thanks to a large family gift (although if I were to sell this house, the "profit/gift" returns to the family member).
I've just been made redundant - little or no payoff, although I'm confident I will get work again.
I also have a house with PTSB in Ireland - former family home which I left when I lost my job in Ireland so I moved to the UK with family to get work). Current estimated value is €190k with 27 years outstanding on the mortgage and circa €280 owing on the mortgage. It's on a tracker of ECB + 2.25
Mortgage is currently 1200 a month and I have tenants in there paying €790 a month (after agent fees). It's been rented out for all but six months of the three years I've been in the UK.
Essentially, I am sending back circa £450 from the UK to cover the shortfall each month. This has been a struggle and I am three months in arrears with PTSB.
I'd just like some opinions on options really. I have kept in constant contact with PTSB and I am ringing up to make small dents on the arrears each time when I can, although they said they wanted it cleared by Christmas, which it won't be. It is tough/stressful sending over the shortfall each month and the redundancy has just brought things to a head.
There is a strong chance I would like to come back to Ireland "one day" - although I am a "Brit" my wife and kids are Irish. It could be ten years before we come back though.
Do I "stick it out" and keep trying to pay the shortfall each month, with a view that the mortgage and value will essentially meet in the middle one day?
Do I write to PTSB and ask them to engage in what I think is called a "Voluntary assisted sale"? What happens to shortfall then - do I owe the balance of the mortgage over the remainder of the term at the same rate? Would they do a deal on the shortfall - is ECB + 2.25 expensive enough for them to want to do something?
As I said, I can't bank on any profit on the UK house as in the event of me selling that, any profit (which will currently essentially be the deposit/gift received, reverts to the person who gifted it to us)
Advice, questions, thoughts welcome
Mac