When I finished up college, myself and a friend were both offered jobs with a US multinational that was setting up in the west. Rather than throwing money away on rent [the iron does not escape me] we bought a small house in a mature neighbourhood and renovated the place, with a view to selling it on within 3-5 years. We bought at 290k and invested about 20k in renovations.
Now the other guys is "self employed" and drawing the dole. I've had to move back to Dublin for work, so I'm paying Dublin rent prices. We have tenants in the house, but their rent only just covers the interest, and the bank have just declined our application to extend the interest only repayment scheme were on.
On top of that I'm getting married next year so I have a wedding to save for, and since I'm the one best in a position (financially) to cover the shortfall in the mortgage repayment, I'm probably going to end up spending e wedding fund in keeping the bank happy.
Do I have any options? The other guy is suggesting defaulting on the mortgage and walking away, but that's not an option for me, I'm starting a life and family here.