ptsb has a tracker mover product which I think you will qualify for. They will transfer the mortgage to your new home and charge you an additional 1% so 3.35% compared to 4.5% which is well worth it.
So sell your house and the resulting position would be roughly as follows:
You should be able to achieve this, but it may take time and you will have a few problems to overcome.
Term loan Amount outstanding we will have a E.50,000 car loan
Are you serious? When you return, buy a second hand car for €10,000. If you have big repayments on a car loan, you are much less likely to get a mortgage.
You will need to be working in permanent jobs in Ireland for 6 months or a year, before they give you a loan. How easy will it be for you both to get jobs and what salaries can you expect?
It is a condition of the transfer mortgage product that it is your home and not an investment. I think you should be ok on this as you bought it as your home
I suggest the following course of action:
1) Give your tenants notice of your return
2) Move back to the house you own
3) Be prepared to live in it for at least a year, maybe a bit more
When you get permanent jobs, you will know better where you want to live.
You are paying €13,000 a year in repayments. Because of the cheap tracker, you are knocking off €7,000 a year in capital. So the longer you stay, the lower the shortfall.
Brendan