Sell or retain current property

[BK2]

Hi, we currently own a property in Cork city surbubs which was in negative equity for a long time. If we sold now we would clear 30k after fees. We have a tracker. We have been saving separately but will need an exemption as we don’t have 20% deposit for a new property. Ptsb have run out of exemptions so we cannot retain our tracker.

I am not sure about selling the property. It would be rented without difficulty and the rent would cover mortgage and taxes. We are living in Dublin. Our son is in school and we could only potentially buy here if we sold. We have mortgage approval for a second property based on our savings but this would involve either moving and changing schools or buying an apartment. We cannot say with certainty that we could afford a house here either if we sold as there isn’t room for change in prices.

Any feedback or other people with similar experiences would be gratefully appreciated.

 

[RedOnion]

Ptsb have run out of exemptions so we cannot retain our tracker.

Unless you're planning to buy before end of year, this isn't an issue as they'll have anew set of exemptions.

You'll need to provide more information if you want meaningful advice:

Current tracker rate
Current mortgage balance
Term remaining
Proposed new mortgage amount

 

[BK2]

Thanks for your reply. We were planning on selling soon. You have to agree with PTSB that you are going to transfer tracker before sale completes and this can’t be agreed because of exemption.

Current tracker is 1.25%
Mortgage balance 230,000
Term remaining 24 years
New mortgage 380,000

Thanks