Hi,
i wonder do any of you have advice for my situation.
i bought my ppr in 2007. I always paid my mortgage but due to pay cuts i decided to move location when i secured a new job with better pay in 2013. I have let my ppr since then. Mortgage is 1.1% tracker rate with,aib. 22 yrs left, 193k left to pay. Monthly payment is 840 and am only getting 500 a month rent.
I've no pension plan and had thought it best to keep my original ppr and try to buy a,second home where i now work as i see myself staying here for the foreseeable future and thought i should try and keep my original ppr for retirement (30 years away :-().
My salary is 65k. Am,single and no dependents. The problem i am,having is that i approached ptsb, boi, kbc and ulster bank and only one will potentially give me 150k for the second property but,there is nothing really out there in my city for that price, plus the market here seems to be moving fast. Its disheartening to learn that even though I've always paid my mortgage and moved because i had to better my financial position that i am,struggling to get approval for a,second home and also have to pay tax on the rental income (never envisaged myself or wanted,to,be a,landlord).
i am,now considering whether i should avail of aibs negative equity mortgage and sell my original ppr and carry the loss with me. I would probably get 150k for my ppr. So would have to carry the 40k loss with me. Im worried that if i approach aib that i may lose my tracker immediately given that i have,let out,my original,ppr. I have 15k in savings.
any thoughts?
i wonder do any of you have advice for my situation.
i bought my ppr in 2007. I always paid my mortgage but due to pay cuts i decided to move location when i secured a new job with better pay in 2013. I have let my ppr since then. Mortgage is 1.1% tracker rate with,aib. 22 yrs left, 193k left to pay. Monthly payment is 840 and am only getting 500 a month rent.
I've no pension plan and had thought it best to keep my original ppr and try to buy a,second home where i now work as i see myself staying here for the foreseeable future and thought i should try and keep my original ppr for retirement (30 years away :-().
My salary is 65k. Am,single and no dependents. The problem i am,having is that i approached ptsb, boi, kbc and ulster bank and only one will potentially give me 150k for the second property but,there is nothing really out there in my city for that price, plus the market here seems to be moving fast. Its disheartening to learn that even though I've always paid my mortgage and moved because i had to better my financial position that i am,struggling to get approval for a,second home and also have to pay tax on the rental income (never envisaged myself or wanted,to,be a,landlord).
i am,now considering whether i should avail of aibs negative equity mortgage and sell my original ppr and carry the loss with me. I would probably get 150k for my ppr. So would have to carry the 40k loss with me. Im worried that if i approach aib that i may lose my tracker immediately given that i have,let out,my original,ppr. I have 15k in savings.
any thoughts?
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