Paddy Fergus
Registered User
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Looking for some advice on what to do with our current rental property.
Details: purchased property in 2006 for 310k. Current value 140k approx with 225k outstanding on mortgage. The property is in both me and my wife's name and has been rented out since 2010. We have since moved to N Ireland because of redundancy and do not plan to return to ROI. The rent does not cover the mortgage and we have been sustaining the mortgage shortfall from our savings. We probably have the resources to do this for another 2 years but after that we won't be able to manage when our savings have been depleted. We are considering just walking away from the mortgage on the rental property but are unsure of the consequences? Will the bank pursue us in the north for the balance on the loan? Can they come after our family home in the north which we also have a mortgage on? All advice appreciated
Details: purchased property in 2006 for 310k. Current value 140k approx with 225k outstanding on mortgage. The property is in both me and my wife's name and has been rented out since 2010. We have since moved to N Ireland because of redundancy and do not plan to return to ROI. The rent does not cover the mortgage and we have been sustaining the mortgage shortfall from our savings. We probably have the resources to do this for another 2 years but after that we won't be able to manage when our savings have been depleted. We are considering just walking away from the mortgage on the rental property but are unsure of the consequences? Will the bank pursue us in the north for the balance on the loan? Can they come after our family home in the north which we also have a mortgage on? All advice appreciated