S
saoirse091
Guest
I bought my first and only property in 2008 on my own.
A two bedroom apartment in Galway for 220k, now worth roughly 100k.
I got a 95% mortgage for 40 years (I was 22 when I bought it)
I'm on a 5 year fixed rate over 5% (this ends Nov 2013).
I was in full time employment when I got the mortgage but I am now self employed with an income on average of only 15k per annum. This income includes me renting out my spare room.
Three months ago I agreed with Ulster Bank to have my repayments reduced by almost 40% for a period of one year.
I'm very worried about what I am going to do after that year as unless something drastically changes I will not be able to afford repayments.
I need some options on what to do
A two bedroom apartment in Galway for 220k, now worth roughly 100k.
I got a 95% mortgage for 40 years (I was 22 when I bought it)
I'm on a 5 year fixed rate over 5% (this ends Nov 2013).
I was in full time employment when I got the mortgage but I am now self employed with an income on average of only 15k per annum. This income includes me renting out my spare room.
Three months ago I agreed with Ulster Bank to have my repayments reduced by almost 40% for a period of one year.
I'm very worried about what I am going to do after that year as unless something drastically changes I will not be able to afford repayments.
I need some options on what to do
- Would I be a candidate for a negative equity mortgage so I could trade down?
- Is it true that the banks sometime write off a portion of your mortgage?
- If I were to hand back the keys and walk away would I ever be able to get a mortgage or any loan again?