Have 5 bad property investments. 3 in Ireland, 2 in UK. LTV 2 to 1 average. In Ireland am making repayments including capital. But it is a struggle to keep up. Now 5 year interest only period up on 2 UK buy to lets. Capital repayments in UK will be impossible, even with 100% occupancy/rent income.
None of of these properties can be sold, even at 20% of loan value. UK lender bank looking for an overall financial statement and up to date valuations.
All conventional advice is that I should enter dialogue with lenders. Have done that with Irish lenders heretofore and have ended up working 5 jobs between three of us in order to pay down debt. My concern is that when UK lender sees full picture and how we are putting everything into paying down 3 debts in Ireland they will realise that they are left behind. I fear they will foreclose, sell Uk properties, eventually get a judgement mortgage, and liquidate my family home. After all our hard work.
My thinking is that I should go into a repayment with UK lender. No dialogue. Keep spinning, i.e. making occasional payments and string it out for 5/10 years. However arrears are inevitable. Alternative is full dialogue, but that will expose hopelessess and they will foreclose.
Any advice out there.
None of of these properties can be sold, even at 20% of loan value. UK lender bank looking for an overall financial statement and up to date valuations.
All conventional advice is that I should enter dialogue with lenders. Have done that with Irish lenders heretofore and have ended up working 5 jobs between three of us in order to pay down debt. My concern is that when UK lender sees full picture and how we are putting everything into paying down 3 debts in Ireland they will realise that they are left behind. I fear they will foreclose, sell Uk properties, eventually get a judgement mortgage, and liquidate my family home. After all our hard work.
My thinking is that I should go into a repayment with UK lender. No dialogue. Keep spinning, i.e. making occasional payments and string it out for 5/10 years. However arrears are inevitable. Alternative is full dialogue, but that will expose hopelessess and they will foreclose.
Any advice out there.