Abraham123
Registered User
- Messages
- 5
Personal and income details
Net (i.e. after tax) Self employed partner approx €3000. I am a nurse and get a couple of agency shifts in my local hospital every month €600.
Income history: Partner’s business reduced significantly in last 3 years and reduced income.
Number of children: 2 children under 10
Amount of Mortgage Interest Supplement received - None
Home loan
Lender: PTSB
Amount outstanding: 630,000
Value of home: 350,000
Interest rate: Tracker
Monthly repayment: 2400 – interest only payments 900.
Amount in arrears 50,000
Summary of discussions and agreements with the bank
.
Have been on interest only for 2 years. Have made sporadic payments over the last few months on the advice of a friend of approx 200 – 600 per month to keep the bank at bay (depending on whether I’ve had work in the hospital).
Other loans and creditors
No other loans
Other savings and investments - 2000 savings
How important is retaining the family home to you?
We would like to keep the family home but realistically it is not possible even if we were to rent it out and try to cover the shortfall just to hang on to 600k of a mortgage.
We have US citizenship and are planning to move to the US before the end of the year. I have an offer of full time work in a hospital.
We're on a tracker mortgage so if the rates go up we're going to be hammered. Should we actively engage with the bank and continue to pay something each month or stop all together so we have some savings to get us set up in the US?
My partner will go to the US a few months before I move with the kids to find work and I’m afraid that the bailiffs will show up and evict us. How long is the process of /judgements/repossession? Are there any benefits to just returning the keys in November? We do not plan to return to Ireland.
What is your preferred realistic outcome?
We would like to engage with the banks and let them know we plan on emigrating but I would like to be assured of keeping the family home until the end of the year when we leave.
Any advice would be appreciated.
Net (i.e. after tax) Self employed partner approx €3000. I am a nurse and get a couple of agency shifts in my local hospital every month €600.
Income history: Partner’s business reduced significantly in last 3 years and reduced income.
Number of children: 2 children under 10
Amount of Mortgage Interest Supplement received - None
Home loan
Lender: PTSB
Amount outstanding: 630,000
Value of home: 350,000
Interest rate: Tracker
Monthly repayment: 2400 – interest only payments 900.
Amount in arrears 50,000
Summary of discussions and agreements with the bank
.
Have been on interest only for 2 years. Have made sporadic payments over the last few months on the advice of a friend of approx 200 – 600 per month to keep the bank at bay (depending on whether I’ve had work in the hospital).
Other loans and creditors
No other loans
Other savings and investments - 2000 savings
How important is retaining the family home to you?
We would like to keep the family home but realistically it is not possible even if we were to rent it out and try to cover the shortfall just to hang on to 600k of a mortgage.
We have US citizenship and are planning to move to the US before the end of the year. I have an offer of full time work in a hospital.
We're on a tracker mortgage so if the rates go up we're going to be hammered. Should we actively engage with the bank and continue to pay something each month or stop all together so we have some savings to get us set up in the US?
My partner will go to the US a few months before I move with the kids to find work and I’m afraid that the bailiffs will show up and evict us. How long is the process of /judgements/repossession? Are there any benefits to just returning the keys in November? We do not plan to return to Ireland.
What is your preferred realistic outcome?
We would like to engage with the banks and let them know we plan on emigrating but I would like to be assured of keeping the family home until the end of the year when we leave.
Any advice would be appreciated.