Common story I'm sure...
Bought a decent large house with my sister at the height of the boom, wasn't offered and didn't know about tracker mortgages so we have a variable rate.
Even with the house rented we both have to contribute a minimum of 300 per month each towards the mortgage.
Can't live there so pay rent on top of this, which in Dublin, isn't cheap.
So is selling up for a loss an option? If we sold could we pay off most of the mortgage and just pay the remainder on the original schedule which would cost very little, say 80 per month. If the bank didn't allow this we could take a personal loan and pay the remainder with that.
I feel I'd be better off putting any money I have into savings instead of into a property that is worth about 90k less than the price paid.
Or am I being short sighted?
Thanks
Bought a decent large house with my sister at the height of the boom, wasn't offered and didn't know about tracker mortgages so we have a variable rate.
Even with the house rented we both have to contribute a minimum of 300 per month each towards the mortgage.
Can't live there so pay rent on top of this, which in Dublin, isn't cheap.
So is selling up for a loss an option? If we sold could we pay off most of the mortgage and just pay the remainder on the original schedule which would cost very little, say 80 per month. If the bank didn't allow this we could take a personal loan and pay the remainder with that.
I feel I'd be better off putting any money I have into savings instead of into a property that is worth about 90k less than the price paid.
Or am I being short sighted?
Thanks