R
Rose123
Guest
Hi
My other half is from Mainland Europe and for the past 4 years we had been planning and working towards moving there in Summer 2012.
My other half recently lost his job, so we decided to fast track our plans and leave. Our house is now in negative equity (230 on Mortgage, value circa 175K - estate agent lowest estimate). The mortgage is solely in my name.
We are having a hard time figuring out what to do with our Irish place. We want to get a new home abroad and are nervous that the place in Ireland will stand in our way.
Our options are (we think) are as follows
1. Sell the property and take on a personal loan for 50K and bring this with us and try to pay it off over the remaining 30 years of the mortgage (and perhaps not tell the bank in our new country about our Irish loan)
2. Sell the property, try to negotiate with the bank to split the debt and take out a personal loan for the difference (and perhaps not tell the bank in our new country about our Irish loan)
3. Rent out the place as a landlord living abroad through an estate agent (10% fees plus tax). The mortgage is 1050 after TRS and rental income 1100 at the moment. We would have to contribute the difference of the mortgage and the rental income after all taxes and charges are applied. Plan to sell as soon as affordable.
4. Move the mortgage to an interest only mortgage and rent. The lower repayment would mean that the rent would better cover the costs associated with renting. Plan to sell as soon as affordable.
5. Negotiate with the Irish Bank to give us the loan we need for our new home abroad so that they will do a deal on the Irish loan? May not be feasible as earnings lower there and I need to become fluent before being able to get a job
6. Bankrupt? Don't know if that is an option / something I would be comfortable doing but thought I'd put it down anyway.
7. Are there any other options I haven't considered?
Thanks so much for your help
My other half is from Mainland Europe and for the past 4 years we had been planning and working towards moving there in Summer 2012.
My other half recently lost his job, so we decided to fast track our plans and leave. Our house is now in negative equity (230 on Mortgage, value circa 175K - estate agent lowest estimate). The mortgage is solely in my name.
We are having a hard time figuring out what to do with our Irish place. We want to get a new home abroad and are nervous that the place in Ireland will stand in our way.
Our options are (we think) are as follows
1. Sell the property and take on a personal loan for 50K and bring this with us and try to pay it off over the remaining 30 years of the mortgage (and perhaps not tell the bank in our new country about our Irish loan)
2. Sell the property, try to negotiate with the bank to split the debt and take out a personal loan for the difference (and perhaps not tell the bank in our new country about our Irish loan)
3. Rent out the place as a landlord living abroad through an estate agent (10% fees plus tax). The mortgage is 1050 after TRS and rental income 1100 at the moment. We would have to contribute the difference of the mortgage and the rental income after all taxes and charges are applied. Plan to sell as soon as affordable.
4. Move the mortgage to an interest only mortgage and rent. The lower repayment would mean that the rent would better cover the costs associated with renting. Plan to sell as soon as affordable.
5. Negotiate with the Irish Bank to give us the loan we need for our new home abroad so that they will do a deal on the Irish loan? May not be feasible as earnings lower there and I need to become fluent before being able to get a job
6. Bankrupt? Don't know if that is an option / something I would be comfortable doing but thought I'd put it down anyway.
7. Are there any other options I haven't considered?
Thanks so much for your help