Need Suggestions - First house bought trouble and possible solutions

lostor

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Hi Folks, first time ever that I'm trying to ask something like this on a forum, honestly I think probably there is nothing I'm not aware of, but always better to double check before give up to the reality.

I bought my first (second hand) house in Dublin getting a "first time mortgage" for the totality of the price of the house (Obviously including deposit), around 300k, repaying it in 35 years, my current repayment monthly fee is around 1k. I'm at my third year of repayment.

Unfortunately, for a series of unlucky circumstances (one of them is constant anti social behaviour) I'm already considering to leave the property ASAP.

If i sell again the property, probably I won't get the same money (instead of 300k probably I may get 240/260k) and I guess I won't get back any of those money to reinvest (as far I know in the first years of repayment you are paying mostly interests than the actual money of the house, correct me if I'm wrong), so it does not really sound an option, at least for now.

Rents are high at the moment in Dublin, so I may rent this house (I think I could get around 2k monthly, maybe slightly more), but then I would not be able to afford a second house, considering that I should get "a next buyer mortgage" and as far I know the deposit for this kind of mortgage is around 20% of the price of the property, which supposing would cost the same price spent for this one (300k) would mean 75k which I really can't reach if not in probably a decade.

Rent this one to rent another one is a pretty sad option too.

Is there any other options I don't see?

I know how my question my sounds silly but maybe somehow it can turn into some good suggestions.

Thanks a lot for any reply.
 
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If i sell again the property, probably I won't get the same money (instead of 300k probably I may get 240/260k)

This seems unlikely, most property in Dublin has risen in price in the last 3 years. Most auctioneers will give you a verbal quote without charge.

I guess I won't get back any of those money to reinvest (as far I know in the first years of repayment you are paying mostly interests than the actual money of the house, correct me if I'm wrong),

Ask the mortgage company for a redemption figure on your mortgage, this is how much you would need to pay to clear the mortgage if you sold.

Then you will have a better idea of how much you would have toward a new house.

As a second time buyer you would need a 20% deposit.
 
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