In a dilemma at the moment at what to do, here is our situation and it would be great to get some feedback
Living in a 2 bed apt with 2 kids. Apt was bought in 2005 for 270k and have a tracker now at 1% with UB so very good tracker
Balance left currently is €172k
Currently on the market and the EA is hoping to get 160k. Offer currently at 152.
UB have offered the home mover mortgage so we hold the tracker plus a % increase depending on the LTV on the next house and then the new top amount is at a variable rate. Then after 5 years the tracker goes totally
We have savings of € 70k
Should we rent and get a new mortgage or sell ? Tracker does say it is on my Primary residence.
A broker has advised we can get a new mortgage with other banks for more money €400k and UB have approved us for €300k and the other banks will do a better rate again depending on LTV but in around 3.99 %
If we rent the apt it will get approximately €1000 a month in rent. Management fees €600pa
I should mention we have another apt in negative equity in Northern Ireland to the tune of £ 40k & on interest only
Don't really want 3 mortgages, both apartments were from our single days & now we just want a 4 bed family home
Sell the 1st apartment ? Stick with UB or go to a new bank ?