I've rung my solicitor too and will go to him with it when it arrives.
I was paying €448 in the arrangement and can just about afford to continue with paying that.
Is it as black and white as that ? The op is currently barely meeting the mortgage. Income is very low.MTR is not for you.
You have a very cheap tracker. Every month, you are reducing the balance you owe. It will be a tough grind for a few years, but then you will own the house outright.
Brendan
Is it as black and white as that ?
Loan Balance: €134k
Valuation: €120k
Your repayments on €134k over 19 years at 1% would be €645 per month.
The interest on €134k @1% is about €100 per month. The rest of the repayment is capital so you are gradually reducing the mortgage balance and you will eventually build up equity. So keeping the house is the right idea.
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