I have a 1 bedroom apt in Dublin worth c. €180,000 in a good rental area. I owe €210,000 so it is in negative equity.
I have a husband and 2 children, therefore, we need to trade - up. We are currently renting out the 1 bedroom and renting a 2 bed house for the family. I am the main earner with a salary of 130k and bonus 20% in full - time employment. My husband is doing a funded PHD (16k tax free) and looks after the children 2 x days a week.
Rent, childcare and tax on the 1 bedroom means we have had little opportunity to save for a deposit. Therefore, I wanted to explore the options around remortgaging the 1 bed to raise a deposit. It provides a good rental income and we have lost c.125k on it to date, having paid 305k for it in 2005.
My mortgage provider have offered a 90% mortgage for 360k, meaning we would have to raise the 10%. To get what we need in Dublin we will require around 400 - 450k.
Is this a dead end or do you have any suggestions?
Thanks,
Blanche
I have a husband and 2 children, therefore, we need to trade - up. We are currently renting out the 1 bedroom and renting a 2 bed house for the family. I am the main earner with a salary of 130k and bonus 20% in full - time employment. My husband is doing a funded PHD (16k tax free) and looks after the children 2 x days a week.
Rent, childcare and tax on the 1 bedroom means we have had little opportunity to save for a deposit. Therefore, I wanted to explore the options around remortgaging the 1 bed to raise a deposit. It provides a good rental income and we have lost c.125k on it to date, having paid 305k for it in 2005.
My mortgage provider have offered a 90% mortgage for 360k, meaning we would have to raise the 10%. To get what we need in Dublin we will require around 400 - 450k.
Is this a dead end or do you have any suggestions?
Thanks,
Blanche