Personal and income details
Income self: 34k secure and permanent
Income partner/spouse: 17k, casual
1 child, 1 on the way.
Home loan
Amount outstanding: 320k (about)
Value of home: 100k
Interest rate: C&I not sure of rate think its 4.5%
Monthly repayment: €1,160 (inc tax relief which ends this year) From Jan 2014 payments will be € 1,542.66 per month
Amount in arrears: recapitalized €1,900 this month.
Took mortgage over our 40 years 33 remaining.
Other loans and creditors
No other loans or debts. we own both cars outright – need both cars for work.
Other savings and investments
nill.
How important is retaining the family home to you?
we live in an apartment. It’s a 550sq foot. Its called a one bedroom study, its basically a double room and single room, it’s a very small space. For just me husband and I its wouldn’t be the end of the world for us to continue struggling thru but the issue is space!! We just want a house, its hard going up 2 flights of stairs with a toddler & some food shopping cant imagine what its going to be like when I add the new born to that!
What is your preferred realistic outcome?
as I said space is our issue, we have no idea how we will all fit in this apt when baby comes!
We just need a bigger place – I think the only chance we might have is selling and taken NE with us but assuming I could go back to the orgional mortgage value of:
€330,000
-€100,000.00 sale of apartment
= €230,000.00 C/O of NE
= finding a house for a value of €100,000.00 is not possible !
And I assume if bank were to W/O any balance I then wouldn’t be able to take out a 2nd mortgage (not that its possible with my husband’s job situation anyway)
I will be returning to work after 2nd baby meaning we will then have 2 full time crèche fee and a mortgage repayment of €1,542.66 I don’t see how its possible.
Renting our place our is not an option.
Any advice you could offer would be great.
Thanks
Income self: 34k secure and permanent
Income partner/spouse: 17k, casual
1 child, 1 on the way.
Home loan
Amount outstanding: 320k (about)
Value of home: 100k
Interest rate: C&I not sure of rate think its 4.5%
Monthly repayment: €1,160 (inc tax relief which ends this year) From Jan 2014 payments will be € 1,542.66 per month
Amount in arrears: recapitalized €1,900 this month.
Took mortgage over our 40 years 33 remaining.
Other loans and creditors
No other loans or debts. we own both cars outright – need both cars for work.
Other savings and investments
nill.
How important is retaining the family home to you?
we live in an apartment. It’s a 550sq foot. Its called a one bedroom study, its basically a double room and single room, it’s a very small space. For just me husband and I its wouldn’t be the end of the world for us to continue struggling thru but the issue is space!! We just want a house, its hard going up 2 flights of stairs with a toddler & some food shopping cant imagine what its going to be like when I add the new born to that!
What is your preferred realistic outcome?
as I said space is our issue, we have no idea how we will all fit in this apt when baby comes!
We just need a bigger place – I think the only chance we might have is selling and taken NE with us but assuming I could go back to the orgional mortgage value of:
€330,000
-€100,000.00 sale of apartment
= €230,000.00 C/O of NE
= finding a house for a value of €100,000.00 is not possible !
And I assume if bank were to W/O any balance I then wouldn’t be able to take out a 2nd mortgage (not that its possible with my husband’s job situation anyway)
I will be returning to work after 2nd baby meaning we will then have 2 full time crèche fee and a mortgage repayment of €1,542.66 I don’t see how its possible.
Renting our place our is not an option.
Any advice you could offer would be great.
Thanks