question12
Registered User
- Messages
- 2
Maybe its just too early in the morning for me but i fail to see how with 110k salary your mortgage is unsustainable!
It's in negative equity and he wants to live somewhere else. How much more unsustainable can you get?
It's in negative equity and he wants to live somewhere else. How much more unsustainable can you get?
...I dont think you are right about him wanting to live somewhere else...
If there was a way going forward to get rid of it while minimising the shortfall hit (hope to return to Ireland in next 2-3 years but not same area) so I could start focussing on building a deposit for a new home.
Agree "unsustainable" is not the correct word in this case.
Whats the plan:
1. Sell up & transfer the 150k to unsecured debt repay over 20 years at 4.5%. Repayments €950pm.
2. Hang on to it and sub the loan by €950 per month for 20 years and have something to show.
3. Declare bankrupt in the UK?
That was based on this statement:
As I said, it's unsustainable because he is in negative equity, wants to live somewhere else, and would like to start saving for his new home a.s.a.p.
property -
Lender: Bank of Ireland
Amount outstanding: 272,000
Value of home: 125,000
Interest rate: tracker,
Monthly repayment 1142 euro
Amount in arrears 0
Monthly rent received 750 (but currently tenant 2,200 in arrears) - trying to currently evict/ clear tenant and 'start again;
Other loans and creditors - delete those which don't apply to you
Credit Card 1,100
Car loan 18000 left at 5.5%
Other savings and investments : one policy due to come to fruition July 2013 - 8,500euro
How important is retaining the family home to you?
It was our family home, but due to economic climate combined with work opportunites relocated to UK two years ago. If there was a way going forward to get rid of it while minimising the shortfall hit (hope to return to Ireland in next 2-3 years but not same area) so I could start focussing on building a deposit for a new home.
Any other relevant information
What is your preferred realistic outcome?
The house will never regain full amount I paid for it and l do not anticipate ever be in a position to repay the loan fully. So I would prefer to sell the house and deal with the shortfall
People are not debt machines no matter what the Irish taxpayer , Banks , or Government may like to think , they will make decisions which is in their best interests and if that means walking away and planning for the future so be it .
sorry am I the only one who's missing something here, the OP has a salary far in excess of the national wage and the ability to pay the debt. Yes, the house has fallen in value but there's an opportunity to rent it and pay for the shortfall. Either that or sell the house and wrap up the NE into a loan you can pay off. Why do people continually expect to just walk away from their obligations and foist is on the rest of us?
Hear hear.......60% to 70% has been knocked of the value of properties and many people think it's perfectly normal to be a prisoner of debt for the rest of your life regardless.....even if it makes no economical sense to do so!
Borrowers need to stand up to banks and ignore the 'moral hazard brigade' who are in cuckoo land!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?