mortgage query?

[moc]

hi would like to recieve some advice, we took out a 100 percent motgage a year and a half ago and are struggling to make repayments can we sell up? what are our options? any advice would be appreciated before we visit our bank. thanks.

 

[bobk]

as per this post - http://www.askaboutmoney.com/showthread.php?t=59235

did you sell your car? switch your credit card to 0%?

you might want to see if the bank will extend the period of your loan to 40 years

 

[DerKaiser]

you can earn up to €833pm tax free by renting a room (or two). Surely better than selling up

 

[Miles]

How did you manage to deduce this from a 2 line post??

Allowance is €10K for rent a room scheme. Devided by 12 to get the monthly ceiling.

 

[bleary]

There is nothing to stop you selling up but if you don't clear your debt with selling the house the remaining amount will still be outstanding.
I'm sure its not a decision you're making lightly
If you wait 2 years after the purchase you can rent the whole property without being liable to stamp duty if its any help

 

[moc]

thanks to every one who replied, its not a decision we have made lightly its definitely the last option we just cant keep going the way we are its no life at all, very stressed.