Married couple with 4 young children.
He has a 2 bed apartment in Dublin, my guess is about 250K mortgage, maybe more, rented but rent does not cover mortgage, I belive its been interest only for a few years now. As for NPPR, PRTB, tax, my guess is probably never declared. (May be an issue in relation to stamp duty too but not sure on that).
She has a house in the West of Irelandand stays at home with the children. Originally this house was rented but bank agreed to reduce the mortgage to the rental amount, they moved into this house and are still paying this amount, so my guess is that the arrears are building up. No prospect of a job,and impossible with the children.
They are slowly sinking. They want to stop paying everything, save the 'rental' from the Dublin property for a year or two while the bank takes back the property, also 'save' the mortgage amount on the house they live on while the bank takes that property. When the banks have taken back the properties, they will go and rent. They will get a far better house to live in then they are in currently is the thinking and also that there is no end in sight plus the debt is only getting worse, and each year rent has been reducing. How does that sound and is it a familiar story for others on here, maybe not for themselves but for others. Will they be worse or better off in 6 years if they do this? (or however long the bad record lasts depending on what the bank does) Eventual plan is to save and buy and family home at the rock bottom prices that they see all around them for much better properties for their large family.
He has a 2 bed apartment in Dublin, my guess is about 250K mortgage, maybe more, rented but rent does not cover mortgage, I belive its been interest only for a few years now. As for NPPR, PRTB, tax, my guess is probably never declared. (May be an issue in relation to stamp duty too but not sure on that).
She has a house in the West of Irelandand stays at home with the children. Originally this house was rented but bank agreed to reduce the mortgage to the rental amount, they moved into this house and are still paying this amount, so my guess is that the arrears are building up. No prospect of a job,and impossible with the children.
They are slowly sinking. They want to stop paying everything, save the 'rental' from the Dublin property for a year or two while the bank takes back the property, also 'save' the mortgage amount on the house they live on while the bank takes that property. When the banks have taken back the properties, they will go and rent. They will get a far better house to live in then they are in currently is the thinking and also that there is no end in sight plus the debt is only getting worse, and each year rent has been reducing. How does that sound and is it a familiar story for others on here, maybe not for themselves but for others. Will they be worse or better off in 6 years if they do this? (or however long the bad record lasts depending on what the bank does) Eventual plan is to save and buy and family home at the rock bottom prices that they see all around them for much better properties for their large family.