Hello, this is my 1st time posting here so apologies if I repeat questions that have already been answered here. Basically I am in a financial mess or so it seems and I am at a loss as to what to do next and I hope someone here might be able to advise me or direct me to someone who could help. I just keep going round in circles never finding the right answers..
Here is my situation,
I own one property worth approx €120k ( no mortgage)
Currently rented earning €500 pm
Also another property worth approx €150k (235k mortgage)
Currently rented for €650 pm
The rents from both properties covers the monthly mortgage.
I then own 50% of a vacant property with an estimated value of €300k(also no mortgage)
This property is vacant as its owned with a family member and there are domestic situation that must be sorted before the property can be sold, I unfortunately have no indication of a timeline on when it can be sold.
I rent a house with my family costing us €1200 pm.
We have a combined wage of approx 50-55k per Annum ( both permanent contracts) and our wages cover our rent and basic costs. It's a struggle every week to make ends meet and provide for our children. Although, I do know we are in a better situation than many people out there!
We spoke to our bank(ub) briefly who told us we had no chance of getting another mortgage as we fell into arrears last year( arrears are cleared but icb shows missed payments). Also there is a mark against us for a credit card that payments were missed on, the balance was cleared and it's due to be on the report until nov 2014.
I would like to be able to find the easiest solution to buying a family home whether it means selling what we can or otherwise.
I had intended on selling property no.1 and hoping once the bank saw we had cash that they might enter discussions with us but I'm terrified ill shoot myself in the foot by selling property one and then not having enough money to cover the mortgage and the bank giving us another no.
Should I sell everything and just hope for the best or would I be better off just sitting tight for a few years and carry on renting? Would any bank/broker consider us for mortgage with our current situation or what could we do to make us more attractive customers?
My end aim us to have just one house and that would be our home for life.
Sorry for babbling on & I hope my post makes sense, I'd appreciate any options or views on this. Thank you in advance.
Here is my situation,
I own one property worth approx €120k ( no mortgage)
Currently rented earning €500 pm
Also another property worth approx €150k (235k mortgage)
Currently rented for €650 pm
The rents from both properties covers the monthly mortgage.
I then own 50% of a vacant property with an estimated value of €300k(also no mortgage)
This property is vacant as its owned with a family member and there are domestic situation that must be sorted before the property can be sold, I unfortunately have no indication of a timeline on when it can be sold.
I rent a house with my family costing us €1200 pm.
We have a combined wage of approx 50-55k per Annum ( both permanent contracts) and our wages cover our rent and basic costs. It's a struggle every week to make ends meet and provide for our children. Although, I do know we are in a better situation than many people out there!
We spoke to our bank(ub) briefly who told us we had no chance of getting another mortgage as we fell into arrears last year( arrears are cleared but icb shows missed payments). Also there is a mark against us for a credit card that payments were missed on, the balance was cleared and it's due to be on the report until nov 2014.
I would like to be able to find the easiest solution to buying a family home whether it means selling what we can or otherwise.
I had intended on selling property no.1 and hoping once the bank saw we had cash that they might enter discussions with us but I'm terrified ill shoot myself in the foot by selling property one and then not having enough money to cover the mortgage and the bank giving us another no.
Should I sell everything and just hope for the best or would I be better off just sitting tight for a few years and carry on renting? Would any bank/broker consider us for mortgage with our current situation or what could we do to make us more attractive customers?
My end aim us to have just one house and that would be our home for life.
Sorry for babbling on & I hope my post makes sense, I'd appreciate any options or views on this. Thank you in advance.