I am looking for advice on what the bank is likely to entertain as an option to restructuring this debt long term, Will they extend the term of the mortgage we are an aver. Age of 47 and 18 years remaining term that brings us to 65, will they extend to 70 or 75? Also are the banks doing Split Mortgages for buy to lets? I have looked at keeping some of the Mortgages in contract when the full repayment starts in March 2013 and some interest only which could work at the Tracker rates I have now, but have been told that interest only on any new arrangement would be at a SVR 4/5% which would cost more than Full repayment on the tracker rate. Full repayment on the (6) UB Loans is going to be more than four times what they are now to aprox €8,600 per mth plus O/H’s of a min. €1,000 per mth = €9,600 outgoing verses rental of €6,000 incoming leaves a shortfall of €3,600 per Month and that is at this low ECB Rate now.
Personal and income details
Income self: None at present I am a Student (ACCA) (finished in June 2013) Then I hope to get a Job and be in a position to add my income to the loan repayments.
Income history: e.g. "I was self-employed for 19 years, closed down in 2009, when rent doubled and income fell into losses”
Income spouse: €20,000 per year.
Income history: Self-employed Trade Contractor last 20 years, His business is 30% of what it was, very little work out there, due to the recession.
Number of children 2, age 9/12. Child Benefit €260. Per mth.
Home loan: N/A
Value of home: €220,000
Investment Property: 2006. Six buy to lets (Five houses and one section 23. apartment) UB. €1.620,000. Tracker ECB + .75% for 25 Years, 1st (5 years int. only), 2011 extended int. only for two years to 2013. Meeting with Bank March 2013. All Mortgages are separate Loans.
Investment property – (6 Properties)
Lender: Ulster Bank
Amount outstanding: €1.620,000
Value of home: €940,000
Interest rate: ECB +.75%
Monthly repayment: €2,100 + €1,000 O/H’s = €3,100
Monthly rent received: €6,000
Investment property – (1 Property)
Lender: BOSI
Amount outstanding: €150,000
Value of home: €110,000
Interest rate: ECB +.85% (25 years Int. only)
Monthly repayment: €180 + O/H’s €170 = €350
Monthly rent received: €600
How important is retaining the family home to you? Our PPR was bought and paid for before our buy to let loans and was not used to secure any of the loans, But we do know it is at risk. We want to keep our family home, if at all possible. (Two Young Children)
Personal and income details
Income self: None at present I am a Student (ACCA) (finished in June 2013) Then I hope to get a Job and be in a position to add my income to the loan repayments.
Income history: e.g. "I was self-employed for 19 years, closed down in 2009, when rent doubled and income fell into losses”
Income spouse: €20,000 per year.
Income history: Self-employed Trade Contractor last 20 years, His business is 30% of what it was, very little work out there, due to the recession.
Number of children 2, age 9/12. Child Benefit €260. Per mth.
Home loan: N/A
Value of home: €220,000
Investment Property: 2006. Six buy to lets (Five houses and one section 23. apartment) UB. €1.620,000. Tracker ECB + .75% for 25 Years, 1st (5 years int. only), 2011 extended int. only for two years to 2013. Meeting with Bank March 2013. All Mortgages are separate Loans.
Investment property – (6 Properties)
Lender: Ulster Bank
Amount outstanding: €1.620,000
Value of home: €940,000
Interest rate: ECB +.75%
Monthly repayment: €2,100 + €1,000 O/H’s = €3,100
Monthly rent received: €6,000
Investment property – (1 Property)
Lender: BOSI
Amount outstanding: €150,000
Value of home: €110,000
Interest rate: ECB +.85% (25 years Int. only)
Monthly repayment: €180 + O/H’s €170 = €350
Monthly rent received: €600
How important is retaining the family home to you? Our PPR was bought and paid for before our buy to let loans and was not used to secure any of the loans, But we do know it is at risk. We want to keep our family home, if at all possible. (Two Young Children)