I have an interest only loan of €240k for what was a buy to let property but is now my only property. The property was let but is now vacant and on the market for sale. I have informed the bank that I will pay whatever I can whenever I can. There is thirteen years left on this mortgage at which time I will be 65. I am working part time in a temporary capacity so cannot sustain the mortgage.
If I cannot sell - what is my best option- to surrender or wait until the property is repossessed? What are the implications going forward?
Many thanks
cmb
If I cannot sell - what is my best option- to surrender or wait until the property is repossessed? What are the implications going forward?
Many thanks
cmb