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amy1plus2
Guest
Hi all, Brand new to this site, have to say its been very interesting. Im looking for some much needed advice. Myself and my partner bought a new home last year but now find ourselves in a huge financially difficult situation. Let me explain. Our current outstanding mortgage is 425k, monthly repayments on that are 2,300 over 30 years, (the longest term we could get). We also have some loans, credit union for 21,000, monthly repayments on that are currently 300euro for approx the next 8 years. We have a smaller credit union loan of approx 3000 euro with weekly repayments of 70 euro for approx the next 10 months. We have a personal loan that we just got out to start up our own taxi, thats 13,000 with fortnightly repayments of 220 euro for the next 3 years. On top of all of that we have the usual standard monthly direct debit outgoings, ie, life assurance policy of 90 euro p/m, phone bills, approx 150euro p/m, television, 60euro p/m. And then there are living expenses, bills, electricity, gas etc, petrol, food shopping. We have a 1 year old and another baby due on New years day. I am on sick leave at the moment and am due to start maternity leave in approx 4 weeks. My take home pay per fortnight is approx 860euro. My partner's weekly take home pay is approx 900-1000euro. We find ourselves struggling to make our mortgage payments and even took a 3 month moratorium the last 3 months. My partner believes that our only option is to sell our house and move further away to a cheaper house. I do not believe this is an option. I know I would be miserable and crack up as he works quite long hours as it isand cannot imagine being in a house on my own with no family around. Downsizing in our area is not an option either as our house is only a standard 3 bed semi and as it is we don't have an awful lot of room. Any advice is greatly appreciated and badly needed, thanks in advance