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Emmigration/Mortgage question

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  • 02-02-2011 10:58am
    #1
    pyzon
    Closed Accounts Posts: 178 ✭✭


    I bow down to anyone with more financial sense then me here so if you have any advice or personal experiece please respond.

    We are emigrating to the USA in 2 weeks time, our house is on the market at a price that will clear the mortgage/pay the solicitor and estate agent and leave us enough for a coffee each (please don't say your lucky to be in this state) The house is priced to sell it is 30k cheaper then anything in the area for a quick sale so we sit and wait.

    With the PTSB 1% increase on the way (yes we are PTSB variable rate approx 4.6%) I was wondering if anyone knew if I had options..As we are emmigrating (job transfer) we will have to rent over there (not cheap) and pay a mortgage here..

    Do you think the bank will let me pay interest only here as the house is for sale and not in negative equity..?

    Many thanks


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    #2
    danbohan
    Closed Accounts Posts: 1,914 ✭✭✭danbohan


    pyzon wrote: »
    I bow down to anyone with more financial sense then me here so if you have any advice or personal experiece please respond.

    We are emigrating to the USA in 2 weeks time, our house is on the market at a price that will clear the mortgage/pay the solicitor and estate agent and leave us enough for a coffee each (please don't say your lucky to be in this state) The house is priced to sell it is 30k cheaper then anything in the area for a quick sale so we sit and wait.

    With the PTSB 1% increase on the way (yes we are PTSB variable rate approx 4.6%) I was wondering if anyone knew if I had options..As we are emmigrating (job transfer) we will have to rent over there (not cheap) and pay a mortgage here..

    Do you think the bank will let me pay interest only here as the house is for sale and not in negative equity..?

    Many thanks

    the era of quick sales is probably (area dependent )over even at heavily discounted price such as yours , people are still looking for crazy prices (hard to blame them ) but you would probably need to base your price on actual local sales not asking prices . what about renting it ? , talk to your bank ,they certainly have a lot of negative equity people on interest only at the moment


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    #3
    pyzon
    Closed Accounts Posts: 178 ✭✭pyzon


    Yeah we've had one absurd to say the least offer on it, and looking at area sales it is certainly lower, but you are right about quick sales..it does take time so we may have to be patient. I guess there is no harm in speaking to them. If anyone had experience talking to banks like these, is the first person that answers the phone the person to listen to i.e. the decision maker..if they say no we don't do that, is it worthwhile asking for a 2nd opion? We should be good to cover the mortgage (with the 1%) up to September this year, and the rent abroad, but after that it's up for grabs..maybe jingle mail will have arrived by then if the other lenders follow this 1% also.


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