# 28 No Job BUT have 345k mortgage



## sickofbanks (30 May 2012)

Ok this is my first post..........Im being honest here if there is any missing info to help with my problem please ask....

Im 28, i bought my house on my own for 345k on a 100% mortgage in 2007.
I had my own tiling company at the time so money was (at the time) was no object.... My mortgage being €1887pm.....

I felt the recession very soon after purchasing my property losing €000's to builders not paying/going bust.... This eventually got worse with me missing loads of mortgage payments, when the company was on its knees another company headhunted me and i started for them on a massive salary which in the process i paid all the mortgage debt owed but after working for this company for about 1yr (the company had same problem as i did, getting paid) they had to let me go...
After being let go, social welfare was only option(note I've worked since the age of 13 and this was my first time to ever set foot inside the welfare office).

I decided that tiling jobs were never gonna pay my mortgage so decided on career change and am now in college full time doing a degree whilst on back to education, and up until recently had been receiving mortgage supplement (don't know why its stopped) 

My question is really what should i do???? Should I hand back the keys???? To be honest I don't even want to be there anymore.... Feels like a lost cause!!!!  

I have another 3yrs in college and even when finished if i got a job straight away i would only get roughly 25k a yr.....

Mortgage is with Ulster Bank

Thanks for listening


----------



## GDUFFY (30 May 2012)

I think at this stage you need to wait until the new insolvency laws are enacted and then make a decision which route is best for you. When enacted You may be able to surrender the property and repay a token amount over a fixed period  to rid yourself of the debt. You could then build your life again . Best of luck !


----------



## no money Mo (30 May 2012)

GDUFFY said:


> I think at this stage you need to wait until the new insolvency laws are enacted and then make a decision which route is best for you. When enacted You may be able to surrender the property and repay a token amount over a fixed period  to rid yourself of the debt. You could then build your life again . Best of luck !




Seconded! great advice,sit tight. 

You made a wise choice changing careers while you are young. Worrying achieves nothing.


----------



## Wishes (31 May 2012)

Hi Sickofbanks,

As previous posters have suggested, it is best to sit this one out and wait on the insolvency laws to be enacted. I am in a similar situation to yourself.  Ex sub-contractor, owed thousands by a developer.  Went to court once and got nowhere, ended up having to pay his legal bill too!  Only in Ireland , huh!  Good luck with your degree.


----------



## Steve Thatcher (16 Jun 2012)

GDUFFY said:


> I think at this stage you need to wait until the new insolvency laws are enacted and then make a decision which route is best for you. When enacted You may be able to surrender the property and repay a token amount over a fixed period  to rid yourself of the debt. You could then build your life again . Best of luck !



Waiting for the new legislation to be on the statute books and enacted and the institutions set up to administer could be over a year. Is it realistic to wait that long.


----------



## GDUFFY (16 Jun 2012)

Well Steve you could be right, but he is doing the right thing getting retrained and educated . Maybe he could transfere to a UK course and kill 2 birds with one stone.Not sure if you could do that through our social welfare/education system here maybe someone knows ?


----------



## oldnick (16 Jun 2012)

If UB really gave a 23 year old lad a large 100% mortgage, and that lad had no bankable qualifications(such as a medical degree), no guarantees from parents or others, and it was ,by then ,becoming obvious that prices were getting crazy - then I'd throw the keys back at them immediately.

And you don't even have to worrry that it's costing the Irish taxpayer anything.

I'm still shaking my head at the irresponsibility of Ulster Bank (with whom i have some sizeable account).


----------



## Richardwell2 (3 Jul 2012)

I'd 100% agree with the general sentiment, stay where you are.

Are you working part time at the moment, if not maybe thats an option for you !


----------



## Sesed (6 Jul 2012)

When you read posts like this you realise exactly how crazy the property market and lending practices became.  345k on  100% mortgage age 23.  I always wonder what type of guidelines, if any, the lender had.

Op I agree, don't worry about for now. I presume they may eventually move to repossess your house but given that there is no way you can pay the mortgage there is nothing you can do


----------



## Guns N Roses (6 Jul 2012)

sickofbanks said:


> Im 28, i bought my house on my own for 345k on a 100% mortgage in 2007.
> I had my own tiling company at the time so money was (at the time) was no object.... My mortgage being €1887pm.....


 
Your monthy repayment seems quite excessive for the amount you borrowed. What is your interest rate and how long is the term of your mortgage?


----------



## ClaireM (6 Jul 2012)

Go to your community welfare officer and find out why your mortgage interest supplement stopped.

It is often a case that you were meant to reapply after a certain length of time but the forms were never sent/got lost so the payment stopped.


----------

