Hi
I am wondering if anyone can help me or shed any light on what we can do in our situation.
We have an apartment that we have had considerable issues with arising out of flooding water ingress issuess from an apartment above for5.5 years. We have a court case to get this resolved but it's going on so long now. We had to move out fully after that last time it flooded in the summer due to many issues and we have a surveyors report that confirms same.
We have recently bought a new house as we are expecting our first child soon and needed to upgrade but obviously couldn't live in our apartment anyway.
We were living with parents for months before moving into new property but we had to keep apartment as couldn't sell in it's current state. We have kept up mortgage, insurance and Mngt fee payments. We would be a me to rent out this apartment within 2 weeks and rent is going up all the time so this is so stressful.
So my questions are this, we need to approach the bank as we cannot afford to keep paying a mortgage on this property with no rental income when the baby arrives soon.
- How willing will the bank be to us switching to only payments until case gets resolved?
- will approaching them impact our tracker rate? (As it stipulates nowhere in the original BOI agreement anything about PPR or investment property rate switch).
Any help/advice would be greatly appreciated.
Thanks.
I am wondering if anyone can help me or shed any light on what we can do in our situation.
We have an apartment that we have had considerable issues with arising out of flooding water ingress issuess from an apartment above for5.5 years. We have a court case to get this resolved but it's going on so long now. We had to move out fully after that last time it flooded in the summer due to many issues and we have a surveyors report that confirms same.
We have recently bought a new house as we are expecting our first child soon and needed to upgrade but obviously couldn't live in our apartment anyway.
We were living with parents for months before moving into new property but we had to keep apartment as couldn't sell in it's current state. We have kept up mortgage, insurance and Mngt fee payments. We would be a me to rent out this apartment within 2 weeks and rent is going up all the time so this is so stressful.
So my questions are this, we need to approach the bank as we cannot afford to keep paying a mortgage on this property with no rental income when the baby arrives soon.
- How willing will the bank be to us switching to only payments until case gets resolved?
- will approaching them impact our tracker rate? (As it stipulates nowhere in the original BOI agreement anything about PPR or investment property rate switch).
Any help/advice would be greatly appreciated.
Thanks.