Hi all. I would be very grateful if I could get some feedback on our situation.
We bought a house back in 2007 for €385k plus stamp duty. We got a mortgage at the time for €320k. 30 year term due to finish 2037. We are currently on SVR 3.65% with AIB and our weekly repayments are €347 before mortgage interest relief of about €25 pw. This house is about 60kms from Dublin where we both work and where the kids are minded. We want to move back to Dublin for reasons such as: family/friends in Dublin, long commute day-in day-out, want to move & settle-in before our oldest, who is 3, goes to primary school.
We have nearly €30k in savings but have a loan outstanding of €20k for my car. I had to change my car recently as the old one kept breaking-down luckily when I was on my own without the kids - I feel I need a decent car doing over 120kms each day.
We have about €6k in Credit Union savings and no other loans or overdraft.
We have yet to approach AIB but have been advised by a friend that we would get approx €300k mortgage based on our salaries and our negative equity situation.
We havent been seriously looking at locations yet as we saw it as window-shopping up to now thinking we haven't enough money and need to save save save - which is hard to do with mortgage/bills/2 kids (3,1) and diesel costs etc. Saying that I dont think we are doing too bad as our mortgage repayments are high enough and we dont't waste money.
We feel a little trapped at the moment and looking for advice. We got the house valued a short while ago and we are approx €50k in neg equity .
We are both in our early 40's. Im on approx €60k gross and my husband is on approx €32k. We are very lucky in that my sister minds the kids and my childcare costs are low.
My question is should we just bite the bullet and meet with the bank to try to get approval in principle to start looking around at least that way we know how much and where we can get? The commute is exhausting but all along I really didn't want to walk away from house with a minus but the quality of our lives is more important. Thanks and regards Jan
We bought a house back in 2007 for €385k plus stamp duty. We got a mortgage at the time for €320k. 30 year term due to finish 2037. We are currently on SVR 3.65% with AIB and our weekly repayments are €347 before mortgage interest relief of about €25 pw. This house is about 60kms from Dublin where we both work and where the kids are minded. We want to move back to Dublin for reasons such as: family/friends in Dublin, long commute day-in day-out, want to move & settle-in before our oldest, who is 3, goes to primary school.
We have nearly €30k in savings but have a loan outstanding of €20k for my car. I had to change my car recently as the old one kept breaking-down luckily when I was on my own without the kids - I feel I need a decent car doing over 120kms each day.
We have about €6k in Credit Union savings and no other loans or overdraft.
We have yet to approach AIB but have been advised by a friend that we would get approx €300k mortgage based on our salaries and our negative equity situation.
We havent been seriously looking at locations yet as we saw it as window-shopping up to now thinking we haven't enough money and need to save save save - which is hard to do with mortgage/bills/2 kids (3,1) and diesel costs etc. Saying that I dont think we are doing too bad as our mortgage repayments are high enough and we dont't waste money.
We feel a little trapped at the moment and looking for advice. We got the house valued a short while ago and we are approx €50k in neg equity .
We are both in our early 40's. Im on approx €60k gross and my husband is on approx €32k. We are very lucky in that my sister minds the kids and my childcare costs are low.
My question is should we just bite the bullet and meet with the bank to try to get approval in principle to start looking around at least that way we know how much and where we can get? The commute is exhausting but all along I really didn't want to walk away from house with a minus but the quality of our lives is more important. Thanks and regards Jan