Hi all
This is my first post, I have only recently come across the site and find it very informative. I would be interested to get the views of the contributors on our situation.
Personal and income details
Income self: Public servant 75K pa
Income partner/spouse: Not working, was self employed but liquidated in 2011. long story.
Income history: He was well paid up until 2011
number of children 3, under 14
Home loan
Lender: Ulster Bank
Amount outstanding: €260K
Value of home: Approx €600K
Interest rate: ECB + .85
Monthly repayment €1290.00
Amount in arrears None
We have 4 Buy to Lets, all are let on long term leases of between 10 and 20 years. We are about 4 years into all leases.
Investment property
Lender: KBC
Amount outstanding: €235K
Value of home: €135K
Interest rate: ECB + .85
Monthly repayment €313.00 Interest only
Amount in arrears N/A
Monthly rent received €730.00
Investment property -
Lender: AIB
Amount outstanding: €194k
Value of home: €250k
Interest rate: ECB + .80
Monthly repayment IO €250.00
Amount in arrears N/A
Monthly rent received €1100.00
Investment property -
Lender: AIB
Amount outstanding: €187K
Value of home: €110K
Interest rate: ECB + .80
Monthly repayment C&I €985.00
Amount in arrears N/A
Monthly rent received €600.00
Investment property -
Lender: AIB
Amount outstanding: €163K
Value of home: €70K
Interest rate: ECB + .80
Monthly repayment C&I €857.00
Amount in arrears N/A
Monthly rent received €500.00
Other loans and creditors - We have no other loans or debts.
Other savings and investments - We have cash saving of €200K and so other small investments which could add about another €45K.
Total cash €245K
How important is retaining the family home to you?
Its important but not the end of the world.
Any other relevant information.
Everything has been washing its own face until now as the investment property "1" and "2" are due to go to capital and interest in the coming months. As husband is not working and although my salary is quiet good it would not be possible to cover all the capital and interest payments.What do the contributors feel are the best options under our circumstances.
What is your preferred realistic outcome?
I am open minded but would like to keep the family home.
If any other information is required, let me know and i will try and be as informative as possible.
Thanks
This is my first post, I have only recently come across the site and find it very informative. I would be interested to get the views of the contributors on our situation.
Personal and income details
Income self: Public servant 75K pa
Income partner/spouse: Not working, was self employed but liquidated in 2011. long story.
Income history: He was well paid up until 2011
number of children 3, under 14
Home loan
Lender: Ulster Bank
Amount outstanding: €260K
Value of home: Approx €600K
Interest rate: ECB + .85
Monthly repayment €1290.00
Amount in arrears None
We have 4 Buy to Lets, all are let on long term leases of between 10 and 20 years. We are about 4 years into all leases.
Investment property
Lender: KBC
Amount outstanding: €235K
Value of home: €135K
Interest rate: ECB + .85
Monthly repayment €313.00 Interest only
Amount in arrears N/A
Monthly rent received €730.00
Investment property -
Lender: AIB
Amount outstanding: €194k
Value of home: €250k
Interest rate: ECB + .80
Monthly repayment IO €250.00
Amount in arrears N/A
Monthly rent received €1100.00
Investment property -
Lender: AIB
Amount outstanding: €187K
Value of home: €110K
Interest rate: ECB + .80
Monthly repayment C&I €985.00
Amount in arrears N/A
Monthly rent received €600.00
Investment property -
Lender: AIB
Amount outstanding: €163K
Value of home: €70K
Interest rate: ECB + .80
Monthly repayment C&I €857.00
Amount in arrears N/A
Monthly rent received €500.00
Other loans and creditors - We have no other loans or debts.
Other savings and investments - We have cash saving of €200K and so other small investments which could add about another €45K.
Total cash €245K
How important is retaining the family home to you?
Its important but not the end of the world.
Any other relevant information.
Everything has been washing its own face until now as the investment property "1" and "2" are due to go to capital and interest in the coming months. As husband is not working and although my salary is quiet good it would not be possible to cover all the capital and interest payments.What do the contributors feel are the best options under our circumstances.
What is your preferred realistic outcome?
I am open minded but would like to keep the family home.
If any other information is required, let me know and i will try and be as informative as possible.
Thanks