Maximus152
Registered User
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- 173
Hi all,
I have a question any opinions appreciated (within reason). I have a home residence (main mortgage) and I have a 2nd home in the west of Ireland (sect 25), I bought this 2nd home in 2002 (very good deal as off plans)as an investment/future holiday home. I released some equity from my main home (interest only mort 100 + 80 k equity release from main residence to finance this) to finance this. My issue is this, I am able to manage all payments as I have the house rented (and never had issue finding some one, thankfully) but wonder what is economically wise, as it is a interest only mortgage + plus a standard 80k mortgage (released from 2nd home) and a main residence mortgage also. So my question is this, am I mad keeping the house and paying an interest only mortgage as house prices are stagnant (may drop, but again I got mine very early) plus the 80k standard mortgage (the rented home is costing me a 1000 a month, but I get 550 in rent from tenant). Or should I just keep it rented and pay the 80k back over time, and end up with a loan still out standing on the interest only side of it....confused! Well if it makes sense all opinions will be gladly appreciated, its just I have ppl telling me different things, but my gut feeling is stick with it as I can not really loose ...
Kind Rgds
Maximus152
P.S hope this is correct area I posted.
I have a question any opinions appreciated (within reason). I have a home residence (main mortgage) and I have a 2nd home in the west of Ireland (sect 25), I bought this 2nd home in 2002 (very good deal as off plans)as an investment/future holiday home. I released some equity from my main home (interest only mort 100 + 80 k equity release from main residence to finance this) to finance this. My issue is this, I am able to manage all payments as I have the house rented (and never had issue finding some one, thankfully) but wonder what is economically wise, as it is a interest only mortgage + plus a standard 80k mortgage (released from 2nd home) and a main residence mortgage also. So my question is this, am I mad keeping the house and paying an interest only mortgage as house prices are stagnant (may drop, but again I got mine very early) plus the 80k standard mortgage (the rented home is costing me a 1000 a month, but I get 550 in rent from tenant). Or should I just keep it rented and pay the 80k back over time, and end up with a loan still out standing on the interest only side of it....confused! Well if it makes sense all opinions will be gladly appreciated, its just I have ppl telling me different things, but my gut feeling is stick with it as I can not really loose ...
Kind Rgds
Maximus152
P.S hope this is correct area I posted.
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