Hi all, looking to see what people think.
Posted situation before and basically we are insolvent and this is primarily due to our location (no work, no investment, no opportunities) as well as my disability.
We are considering moving to Dublin where one of us can get work and the other return to education to retrain and find work once degree course completed.
I can no longer do the work I did before due to hearing problem and I am only in my early 30's and not prepared to right myself off so my only option is to qualify as something else.
We have had the house on the market for over 6 months and were close to a sale at one point but it all has fallen through and unless we accept a really low price, leaving us in huge NE, we have no choice but to try and keep going.
So we are considering renting the house out which would cover interest only mortgage and we ourselves renting in Dublin.
It would be very tough financially and no guarantee we could do it but feel like we should try to hold on to the house.
In doing so, it would buy us time for house prices to steady and maybe even improve from the silly money they are going for right now. Or after a few years and if I get back to work also, we would be in a position to pay the mortgage again, possibly.
The only other option we have is to accept a silly offer or hand the keys back, neither of which feel right. And while I am the first to say "its just bricks and mortar", its a different kettle of fish when you are actually facing this decision.
Renting is not the faint hearted. We have two small kids, renting in this country has always been on a short term basis, rents are rising and there is just no security.
We would prefer to hang onto our home, rent it out, rent somewhere near work for ourselves and hope in 4 or 5 yrs that things get better or somehow sell up and buy a house in Dublin. Wishful thinking or would you try?
Also am I obliged to let my mortgage company know we might try and rent our house out in the future? We are trying to negotiate interest only repayment at the moment.
Last question-will we get interest only if we are in arrears?
We have had a 5 year financial horror story at this point. Thoughts and thanks in advance.
Posted situation before and basically we are insolvent and this is primarily due to our location (no work, no investment, no opportunities) as well as my disability.
We are considering moving to Dublin where one of us can get work and the other return to education to retrain and find work once degree course completed.
I can no longer do the work I did before due to hearing problem and I am only in my early 30's and not prepared to right myself off so my only option is to qualify as something else.
We have had the house on the market for over 6 months and were close to a sale at one point but it all has fallen through and unless we accept a really low price, leaving us in huge NE, we have no choice but to try and keep going.
So we are considering renting the house out which would cover interest only mortgage and we ourselves renting in Dublin.
It would be very tough financially and no guarantee we could do it but feel like we should try to hold on to the house.
In doing so, it would buy us time for house prices to steady and maybe even improve from the silly money they are going for right now. Or after a few years and if I get back to work also, we would be in a position to pay the mortgage again, possibly.
The only other option we have is to accept a silly offer or hand the keys back, neither of which feel right. And while I am the first to say "its just bricks and mortar", its a different kettle of fish when you are actually facing this decision.
Renting is not the faint hearted. We have two small kids, renting in this country has always been on a short term basis, rents are rising and there is just no security.
We would prefer to hang onto our home, rent it out, rent somewhere near work for ourselves and hope in 4 or 5 yrs that things get better or somehow sell up and buy a house in Dublin. Wishful thinking or would you try?
Also am I obliged to let my mortgage company know we might try and rent our house out in the future? We are trying to negotiate interest only repayment at the moment.
Last question-will we get interest only if we are in arrears?
We have had a 5 year financial horror story at this point. Thoughts and thanks in advance.