Hi my wife and i bought a 1 bed apt for 240k in 2008 - we lived in it until the arrival of our first child in 2010-it has been rented since then and we have been renting a two bed house for ourselves
we have managed to pay all our bills up to now but have used up all our savings + have used a family gift to help with the creche fees for 2 children -after a lot of thought and discussions we have decided to up sticks and move to melbourne in october
current rent is 700 - mortgage 1350 - property is worth 80k + owe the bank 200k at this stage
i am trying to work out how i should discuss this with the bank
i am aware that this is our debt + our responsibility
interest only is probably the best solution for now -this will still leave us with a shortfall of 300 monthly that is before any mgt fees or tax on rental income is paid - we should be able to manage this
however long term i cannot see us been able to send at least 700 eur to ireland monthly - the bank i reckon at best give us 6 months interest only -then the trouble will start
i would appreciate peoples opinions on what our best options are
thanks
we have managed to pay all our bills up to now but have used up all our savings + have used a family gift to help with the creche fees for 2 children -after a lot of thought and discussions we have decided to up sticks and move to melbourne in october
current rent is 700 - mortgage 1350 - property is worth 80k + owe the bank 200k at this stage
i am trying to work out how i should discuss this with the bank
i am aware that this is our debt + our responsibility
interest only is probably the best solution for now -this will still leave us with a shortfall of 300 monthly that is before any mgt fees or tax on rental income is paid - we should be able to manage this
however long term i cannot see us been able to send at least 700 eur to ireland monthly - the bank i reckon at best give us 6 months interest only -then the trouble will start
i would appreciate peoples opinions on what our best options are
thanks