H
Hope
Guest
- Married, early 30’s
- 2 Properties (1 investment as could not sell when buying 2nd property).
- Investment Property – tracker - on interest only and rent covering with some surplus. Negative Equity c.150k (at a guess)
- Home – tracker + 0.9%, when interest rates came down reduced the term from 30+ term to 24 years which kept repayments the same. Can increase term back up without losing tracker rate. Negative Equity c.100k (at a guess)
- Currently saving €1,300 p.m.
In a situation where we have good monthly income, can afford the mortgages but have serious negative equity in both. Trying to future proof as best we can as the plan will be to start a family shortly which will then increase our monthly outgoings and reduce our ability to save. Also hoping at some stage in the future to relocate closer to family.
Question now is are we doing the right thing keep the term relatively low to pay down the mortgage on our home or should we save that money instead. We are good savers so the money would get saved.