Hi All
My husband and I bought our One Bedroom Cottage in 2007. We paid €245,000 for the house at the time. I got a Valuation yesterday in the region of €75,000 to €80,000. The Valuer said our cottage is very unique and pretty and in the current Market it would be purely luck to sell it as most people want value for money. We have an outstanding mortgage on the property of €225,000 (no arrears). So serious negative equity.
We have saved almost €10,000 and were planning to put this into an extension as we have a two year old who will need a room very soon. However we really don't like the location, it is a lovely place but we would both prefer to move closer to our families and the properties in that area are great value at the moment. If we sold our home for €80,000 we could easily buy something for that value in the new location. This is ideally what we want to do.
Our Mortgage is with PTSB, we are on a Tracker. I rang them yesterday to discuss this and to be honest I got no where, no advice, no offer of anyone to speak to us, they didn't even take details so I don't know what I can do or where I can go. My husband and I feel totally deflated at the moment and searching the internet for information that we don't understand. When we originally got our Mortgage in 2007 we went through a Broker so I don't even have any experience in dealing with banks.
At the end of the day we don't want to borrow any extra, we just want to move to a property of the same value in a different location as we really want more space for our son and for him to have his own room.
I hope someone can help us. Thank you for taking the time to read.
My husband and I bought our One Bedroom Cottage in 2007. We paid €245,000 for the house at the time. I got a Valuation yesterday in the region of €75,000 to €80,000. The Valuer said our cottage is very unique and pretty and in the current Market it would be purely luck to sell it as most people want value for money. We have an outstanding mortgage on the property of €225,000 (no arrears). So serious negative equity.
We have saved almost €10,000 and were planning to put this into an extension as we have a two year old who will need a room very soon. However we really don't like the location, it is a lovely place but we would both prefer to move closer to our families and the properties in that area are great value at the moment. If we sold our home for €80,000 we could easily buy something for that value in the new location. This is ideally what we want to do.
Our Mortgage is with PTSB, we are on a Tracker. I rang them yesterday to discuss this and to be honest I got no where, no advice, no offer of anyone to speak to us, they didn't even take details so I don't know what I can do or where I can go. My husband and I feel totally deflated at the moment and searching the internet for information that we don't understand. When we originally got our Mortgage in 2007 we went through a Broker so I don't even have any experience in dealing with banks.
At the end of the day we don't want to borrow any extra, we just want to move to a property of the same value in a different location as we really want more space for our son and for him to have his own room.
I hope someone can help us. Thank you for taking the time to read.