Hi there,
I have been to hell and back in recent years and luckily for me I am now in heaven (well not quite but to keep with the methaphor).
We had a lot of debt and our wages fell to half of what they were. With 3 kids to mind we fell behind and the rest is history. Luckily we got a PIP and for €20k we got to keep our home and tracker mortgage (the home was in negative equity at that stage).
Anyway, fast forward 3 years and 2 career changes and promotions (as well as cutting back on everything) we find ourselves in a position where we can look to extend the house. That is essential as it is only a 3 bed semi but luckily a lot of the houses in the estate have done the same so planning was almost a guarantee.
Well, guess not. Neighbour bizarrely claimed we would overlook her and objected so we changed the plans to put a bathroom windown in the front thinking that would work only to see she objected again. Granted we dont have the response yet but given that this is Ireland is suspect common sense wont apply and we would literally be the only house in the estate who cant get planning.
I need a plan B then because I cant focus without one. We owe €240k on the house and it is worth the same I would say. We have about €70k in savings and we would like to buy a house for €300k. How likely, if at all, can I buy the house and preserve the tracker?
I cant lose the tracker as the cost to me over the duration of the loan would be incredible.
This situation has really depressed me. We bought that house 12 years ago solely with the view of extending when needed (ie when kids grew up) and to have one person stop that for you is difficult to take. Especially when it is an reasonable reason (she is overlooked even more by her current neighbours).
Thanks for reading this and any advice would be welcome.
I have been to hell and back in recent years and luckily for me I am now in heaven (well not quite but to keep with the methaphor).
We had a lot of debt and our wages fell to half of what they were. With 3 kids to mind we fell behind and the rest is history. Luckily we got a PIP and for €20k we got to keep our home and tracker mortgage (the home was in negative equity at that stage).
Anyway, fast forward 3 years and 2 career changes and promotions (as well as cutting back on everything) we find ourselves in a position where we can look to extend the house. That is essential as it is only a 3 bed semi but luckily a lot of the houses in the estate have done the same so planning was almost a guarantee.
Well, guess not. Neighbour bizarrely claimed we would overlook her and objected so we changed the plans to put a bathroom windown in the front thinking that would work only to see she objected again. Granted we dont have the response yet but given that this is Ireland is suspect common sense wont apply and we would literally be the only house in the estate who cant get planning.
I need a plan B then because I cant focus without one. We owe €240k on the house and it is worth the same I would say. We have about €70k in savings and we would like to buy a house for €300k. How likely, if at all, can I buy the house and preserve the tracker?
I cant lose the tracker as the cost to me over the duration of the loan would be incredible.
This situation has really depressed me. We bought that house 12 years ago solely with the view of extending when needed (ie when kids grew up) and to have one person stop that for you is difficult to take. Especially when it is an reasonable reason (she is overlooked even more by her current neighbours).
Thanks for reading this and any advice would be welcome.