widescreen
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I bought an investment property in Limerick back in 2003 - Suburban 3 bed semi.
Our current private residence was not required as security for the loan.
The house has been constantly rented out since then but rent only covers about 70% of the mortgage. Still about 17 years of loan to go around 120k.
Debating whether to sell it or not. Will obviously take a hit but would expect to clear the loan anyway. If present tenant goes would have to spend a fair few bob doing it up a bit.
Advantages of selling would be, no more costs such as €200 gov chg, insurance, bins, no more mtg payments.
Question-If tenant leaves and we cant afford the mortgage,what happens?
Can you just tell the bank, sorry we cant afford it anymore and they repossess the house? obviously I assume we might have prob getting future loans. thanks
any feedback appreciate. thanks
Our current private residence was not required as security for the loan.
The house has been constantly rented out since then but rent only covers about 70% of the mortgage. Still about 17 years of loan to go around 120k.
Debating whether to sell it or not. Will obviously take a hit but would expect to clear the loan anyway. If present tenant goes would have to spend a fair few bob doing it up a bit.
Advantages of selling would be, no more costs such as €200 gov chg, insurance, bins, no more mtg payments.
Question-If tenant leaves and we cant afford the mortgage,what happens?
Can you just tell the bank, sorry we cant afford it anymore and they repossess the house? obviously I assume we might have prob getting future loans. thanks
any feedback appreciate. thanks