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Hi all , advice needed, €40k lump sum available to pay down some debt , but which one ?
1. Home loan , tracker .85 above ecb, €345k loan. 28 years left. worth €400k.
2. Buy to let , 4.5 variable , €181k loan. 22 years left. Worth €200k.
3. Buy to let, 4.5 variable, €286k loan. 23 years left. worth €210k
4. To up loan, 4.03 variable , €86k loan. 26 years left.
Loan 1 and 4 are full repayments.
Loan 2 and 3 are I/o but due to go full repayments next month.
Rental income just about meeting I/o. However o calculate that I willhave to pay extra €700 pm to meet fill repayments. This will cause serious problems.
What to people here advise ? Thank you
Ah yes the great property collapse of 2012. I remember well.Nikephorus.....originally plan was to sell properties in circa 5 to 10 years, profit ( ha ha ) then used to pay off ppr mortgage. As I see it , property will take at least 15 years to come close to achieving prices which will allow me to break even. Rents have collapsed, mortgage rates are rising, stealth taxes are increasing, wages down, hard to see how to cope if banks refuse to engage in a meaningfully way with customers such as I. If banks continue with this hardline attitude , in a climate of ever rising interest rates , it is obvious to me that an even greater collapse in the property Market is inevitable.
Thanks for the interest.
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