Case study own outright new PDH. old house in negative equity - options?

T

TyroneSlothrop

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Mortgage details for old house:
  • Remaining balance €-288,970.41
  • Principal & interest €1,255.89
  • Insurance €0.00
    • Total €1,255.89
    • Agreed payment €1,255.89
    • Mortgage type Home Loan - Tracker - ECB+2.25
    • Interest rate 2.300000%
    • Original loan amount €333,000.00 in 2006
I own my PDH outright.

My mortgaged house is currently let to County Council @ €850 per calendar month.

I am guessing that I am in negative equity to the tune of €70,000 approx.

Selling is not an option as far as PTSB seem to be concerned. We are struggling with this mortgage as we have 3 small kids and carloans etc to maintain.

Are there other options I could explore ? releasing equity for example ?

any help much appreciated.
 
Thank you for response.

That seems a simple clean solution. However, the person I discussed this with in PTSB refused
based on the Negative equity of BTL.

Presumably, I would have to mortgage PDH with another lender - and use proceeds to
offshoot deficit on sale of BTL and pay off PTSB in full ?
 
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