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You could always sell the investment property, pay off the mortgage/ EA/Solicitors/CGT fees and pocket the €60,000 (+/- a couple of thousand) profit you know! You could divide the profit into a low/medium risk equity fund and a high interest savings account. You should be able to get 5% or so after tax without too much trouble.Any advise will be greatly appreciated.
Colleen said:We are a one income family with four children My husband earns approx €35,000 per annum so you can imagine funds are tight what with having to supplement the rental income to meet the mortgage repayments and it is next to impossible to save.
3. Remortgage-move to another lender (if you can get a better deal)-this may allow you to generate postive cashflow, although, again, the rental income is much lower than the mortgage repayments, so you would have to get a much better deal than is currently the case.
Remember that if the cottage was a Principle Private Residence for a dependant of your husband, you may be able to claw back some of the CGT due on the sale of it.Thanks all, this property was inherited by my husband from his mother. It is an old cottage and we needed to take out the mortgage to repair it - it will be hard to sell it = it has been in my husbands family for generations
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