Hi there,
Hoping I can get some info/advice from you guys on any options I might have as I'm a bit clueless. I'm from Belfast, moved to Dublin in 2004 to live with my partner and work as an architect. We bought a flat for 300,000 nearing the height of the boom. About 5 years ago my partner lost their job, and two years later it was my turn. My decision was to move to London rather than survive on the dole.
So, mortgage with PTSB was 300,000, the flat value is now 120,000 so almost 180,000 in negative equity. The flat was bought to live in but ultimately as a first step on the property ladder. I have decided that I won't be living in Ireland again, staying in the UK. I can't however buy on shared ownership over here due to the flat in dub. I can't sell it as I'd owe the bank so much. I have to send £300 a month back to Ireland to pay the mortgage when I'd really like to be done with it and start afresh.
Is there anything I can do? Or should I just keep on keeping on and save for a mortgage here in the uk, hoping that one day it will be breaking even at least and I can get rid of it.
I loved my time in Dublin but its over now and I just hate the fact that I think of it as the ball and chain around my leg. Any help much appreciated.
Omi
Hoping I can get some info/advice from you guys on any options I might have as I'm a bit clueless. I'm from Belfast, moved to Dublin in 2004 to live with my partner and work as an architect. We bought a flat for 300,000 nearing the height of the boom. About 5 years ago my partner lost their job, and two years later it was my turn. My decision was to move to London rather than survive on the dole.
So, mortgage with PTSB was 300,000, the flat value is now 120,000 so almost 180,000 in negative equity. The flat was bought to live in but ultimately as a first step on the property ladder. I have decided that I won't be living in Ireland again, staying in the UK. I can't however buy on shared ownership over here due to the flat in dub. I can't sell it as I'd owe the bank so much. I have to send £300 a month back to Ireland to pay the mortgage when I'd really like to be done with it and start afresh.
Is there anything I can do? Or should I just keep on keeping on and save for a mortgage here in the uk, hoping that one day it will be breaking even at least and I can get rid of it.
I loved my time in Dublin but its over now and I just hate the fact that I think of it as the ball and chain around my leg. Any help much appreciated.
Omi