Hi looking for advice before I contact PTSB, I have been on the interest only for rental house pass 6 yrs but it is only kicking can down the road ,house has needed ongoing repairs due to old house. Last April I spoke with PTSB and they extended interest only for another year and at the time I asked them about warehousing part of the mortgage and hopefully be in position to pay C&I on the rest but there was no option for that at the time but after reading some posts on here PTSB seem to allow part of the mortgage to be warehoused. Even if working I feel I can't contribute to this rental mortgage as things are tight with 3 kids and feel that I need to make the rental income to cover C&I if they allow me to do this, what way should the numbers work for this to make sense to both parties.
I have had many sleepless nights so need a long term plan for closure, don't expect anything to be written off but do want more nights where I can sleep normally again, all replys welcome
NB I know I lucky that I have very good rates otherwise things would have been very different
Rental House Mortgage 320,000 on interest only pass 6 yrs Interest Rate .85 above ECB
Rental 950E per Mth
House value 190,000
Family home mortgage 110,00 0.5 above ECB
Mortgage C&I 430.00 a mth
House value 300,000
1 car which cost us 5k (paid for and will not be replaced unless it decides otherwise)
Income
Job seekers 188E a week (If working should be around 500E a week)
Spouse 400E a week
Svings about 3K for emergency
3 kids under 14
I have had many sleepless nights so need a long term plan for closure, don't expect anything to be written off but do want more nights where I can sleep normally again, all replys welcome
NB I know I lucky that I have very good rates otherwise things would have been very different
Rental House Mortgage 320,000 on interest only pass 6 yrs Interest Rate .85 above ECB
Rental 950E per Mth
House value 190,000
Family home mortgage 110,00 0.5 above ECB
Mortgage C&I 430.00 a mth
House value 300,000
1 car which cost us 5k (paid for and will not be replaced unless it decides otherwise)
Income
Job seekers 188E a week (If working should be around 500E a week)
Spouse 400E a week
Svings about 3K for emergency
3 kids under 14