Struggling with investment property bought before marriage

DH has another 3 years to go on his degree so it will be a while before he will be in a position to benefit financially from it, he will have to move job as he cant progress any further in the company he is in. Hopefully I will get paying work in the future but it looks like I might be facing a year of an internship and I cant start that until next Sept when 2 kids back in school so im looking at least 18 months before I might be earning.

Does anyone know off hand what an interest only payment would amount to - loan was €161,000 over 35 years SVR of 4.6%. The current full payment is €781. Brendan Burgess mentioned €562 for interest only, is that correct?
Its just that very little seems to be coming off the balance, approx. €1,000 a year.
Also roughly what period to banks agree to interest only for? are we talking merely a matter of months?
Many thanks,
 
€150,000
x 4.5%
=€6,750 per year
= €562.5 per month

Repayment
€150,000 over 25 years at 4.5% = €833

You are paying €781 so some of the figures you have provided are incorrect.
 
That's interesting, ill get my Dh to dig out the last statement from them as I was pretty sure those figures were correct.
Thanks Brendan
 
Just wanted to update, amount outstanding on mortgage is €143,000 so that's a bit of good news.
We spoke to the estate agent. A 2 bed apt in the town sold for €95,000 a couple of months ago. Unfortunately he said we would be looking at less as in his own words "many people wouldn't touch an apartment in that complex with a barge pole"!
He said as it has a bad rep, doesn't have own door access and very high management fees he would advise to put on at €80,000 but would have to negotiate down esp due to mgt fees.
We are going to try this route first.
Are the bank likely to veto any offer?
Lease is up in 2 months, what's the best way to proceed, offer a short term lease, do you offer a rent reduction in return for facilitating viewings. They have been good tenants and I don't want to mess them around but can't afford to have the place vacant while on the market.
Thanks.
 
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