Personal and income details
Income self: €40,000 public servant
Income history: salary has reduced by 25% (between reducing hours to reduce childcare costs and pay decreases etct) since getting mortgage and likely to decrease more with croke park II
Income partner/spouse: single parent
number of children: 1
Amount of Mortgage Interest Supplement received: none
Home loan
Lender: Bank of Scotland Ireland
Amount outstanding: €78k on one interest only mortgage. Due to be repaid in full in September. Secured on mothers house but I pay it. €198k on own home, which is currently rented out as had to move for work. I rent elsewhere.
Value of home: €100/€110k approx
Interest rate: tracker
Monthly repayment €113 on IO & €670 + €950 rent.
Amount in arrears: 0
Summary of discussions and agreements with the bank: none yet, looking for suggestions of where to start
Investment property -
Details above.
Monthly rent received: €740
Other loans and creditors
Credit Union: Loan of €11,000 against shares of €4,000
Other savings and investments
none
How important is retaining the family home to you?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
I know that when I took out my loan that it was a crazy situation so no negative comments needed. When I took out my mortgage I went through a broker who suggested taking out the two mortgages in order to meet the amount I required. The idea being that I could afford the repayments and by the time the interest only portion was due my house would have equity in it and I could refinance it all under the one mortgage. Sounded easy at the time and sounds completely ridiculous now, but I am where I am as they say.
And where I am now is exactly this:
The interest only portion secured on my mums house is due to be repaid in September and neither of us can afford to either pay it or refinance it.
While my rent currently covers most of the mortgage, I am paying tax on the income and as of next year I will have to pay PRSI on it also. This is all over and above what my rental income is.
What is your preferred realistic outcome?
I don’t know if it’s realistic to say I want to pay back all that I borrowed, when you look at the figures it just doesn’t add up. But that’s what I want to do.
What I want is to relieve the pressure and reduce the amount I have to pay out. I can’t continue to live with only just enough to get by, paying for a house for the next 30 years that I am not even living in and that is costing me more to not live in than if I did.
So I suppose what I’m looking for is suggestions/options that are available to me and how to go about it. Am I looking at restructuring and hoping things improve for me and I can pay it off in the future or am I better off looking to sell my house and look for some sort of write down. Or am I looking at having the interest only portion written off and continue with the main part of the mortgage. What is my first port of call, do I get back in touch with my broker or deal directly with BSOI?
Income self: €40,000 public servant
Income history: salary has reduced by 25% (between reducing hours to reduce childcare costs and pay decreases etct) since getting mortgage and likely to decrease more with croke park II
Income partner/spouse: single parent
number of children: 1
Amount of Mortgage Interest Supplement received: none
Home loan
Lender: Bank of Scotland Ireland
Amount outstanding: €78k on one interest only mortgage. Due to be repaid in full in September. Secured on mothers house but I pay it. €198k on own home, which is currently rented out as had to move for work. I rent elsewhere.
Value of home: €100/€110k approx
Interest rate: tracker
Monthly repayment €113 on IO & €670 + €950 rent.
Amount in arrears: 0
Summary of discussions and agreements with the bank: none yet, looking for suggestions of where to start
Investment property -
Details above.
Monthly rent received: €740
Other loans and creditors
Credit Union: Loan of €11,000 against shares of €4,000
Other savings and investments
none
How important is retaining the family home to you?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
I know that when I took out my loan that it was a crazy situation so no negative comments needed. When I took out my mortgage I went through a broker who suggested taking out the two mortgages in order to meet the amount I required. The idea being that I could afford the repayments and by the time the interest only portion was due my house would have equity in it and I could refinance it all under the one mortgage. Sounded easy at the time and sounds completely ridiculous now, but I am where I am as they say.
And where I am now is exactly this:
The interest only portion secured on my mums house is due to be repaid in September and neither of us can afford to either pay it or refinance it.
While my rent currently covers most of the mortgage, I am paying tax on the income and as of next year I will have to pay PRSI on it also. This is all over and above what my rental income is.
What is your preferred realistic outcome?
I don’t know if it’s realistic to say I want to pay back all that I borrowed, when you look at the figures it just doesn’t add up. But that’s what I want to do.
What I want is to relieve the pressure and reduce the amount I have to pay out. I can’t continue to live with only just enough to get by, paying for a house for the next 30 years that I am not even living in and that is costing me more to not live in than if I did.
So I suppose what I’m looking for is suggestions/options that are available to me and how to go about it. Am I looking at restructuring and hoping things improve for me and I can pay it off in the future or am I better off looking to sell my house and look for some sort of write down. Or am I looking at having the interest only portion written off and continue with the main part of the mortgage. What is my first port of call, do I get back in touch with my broker or deal directly with BSOI?