Hello,
I am hoping to get some advice on options available to me - feel like I am getting deeper into dept and need to do something ...
Personal and income details
Income self: PAYE worker - 60,000 PA
Income history: In current job 6 years
Income partner: none
Number of children: 0
Home loan
Lender: KBC
Amount outstanding: 238,000
Value of home: 120
Interest rate: SVR 4.25%
Monthly repayment: 895
Amount in arrears: none
Summary of discussions and agreements with the bank:
Currently on a 1 year Interest Only arrangement since last August (completed the SFS)
Other loans and creditors
Credit Card - 3,000
Car loan 18,000 @ 10.6%
Other savings and investments
None
Any other relevant information
I bought the house back in 2006 with the intention of living it in ... 6 month later I was made redundant from my then job and had to relocate to get another job.
Since then I have been renting the house for an average rent of 110 euro per week ... unfortunately I have had a high turnover of tenants and am constantly putting money into the property.
What is your preferred realistic outcome?
Sell the house and get the shortfall written off.
Other Information:
Last week i approached the bank to better understand what options are available to me, and to determine if they would have an issue with me selling the house.
KBC do not have an issue with me selling the house, but require an agreement to be signed pay off the shortfall (over the remaining life of the mortgage and at the same interest rate - so in my case 28 years @ 4.25%)
Whilst this would at least mean that I would no longer have to be dealing with difficult tenants, or having to put good money after bad into the property the thought of paying off on average 400 euro a month and not having a house is not something that appeals to me.
I asked if KBC would consider writing off a certain percentage of the shortfall (meet me half way so to speak) and this is not there policy.
I discussed various options with them from handing back the keys and implications of that, to moving to the UK and filing for bankruptcy there.
I don't know where to go next with it ... so I would appreciate any feedback or advice.
I am hoping to get some advice on options available to me - feel like I am getting deeper into dept and need to do something ...
Personal and income details
Income self: PAYE worker - 60,000 PA
Income history: In current job 6 years
Income partner: none
Number of children: 0
Home loan
Lender: KBC
Amount outstanding: 238,000
Value of home: 120
Interest rate: SVR 4.25%
Monthly repayment: 895
Amount in arrears: none
Summary of discussions and agreements with the bank:
Currently on a 1 year Interest Only arrangement since last August (completed the SFS)
Other loans and creditors
Credit Card - 3,000
Car loan 18,000 @ 10.6%
Other savings and investments
None
Any other relevant information
I bought the house back in 2006 with the intention of living it in ... 6 month later I was made redundant from my then job and had to relocate to get another job.
Since then I have been renting the house for an average rent of 110 euro per week ... unfortunately I have had a high turnover of tenants and am constantly putting money into the property.
What is your preferred realistic outcome?
Sell the house and get the shortfall written off.
Other Information:
Last week i approached the bank to better understand what options are available to me, and to determine if they would have an issue with me selling the house.
KBC do not have an issue with me selling the house, but require an agreement to be signed pay off the shortfall (over the remaining life of the mortgage and at the same interest rate - so in my case 28 years @ 4.25%)
Whilst this would at least mean that I would no longer have to be dealing with difficult tenants, or having to put good money after bad into the property the thought of paying off on average 400 euro a month and not having a house is not something that appeals to me.
I asked if KBC would consider writing off a certain percentage of the shortfall (meet me half way so to speak) and this is not there policy.
I discussed various options with them from handing back the keys and implications of that, to moving to the UK and filing for bankruptcy there.
I don't know where to go next with it ... so I would appreciate any feedback or advice.