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Advise please - have a mortgage, but planning to move country

  • 27-03-2014 4:01pm
    #1
    irish_bhoy82
    Registered Users Posts: 218 ✭✭


    Just looking for some advise please?
    I am the proud owner of a 3 bed semi detached house in Mayo. Im in the 5th year of my mortgae (35 year) but a circumstance has arisen that I need to move to the UK with my partner and child. Now I am planning on moving but need to decide on whether I rent out the property , which i believe even at the high end of the rental market I still wont be making enough money to pay off the monthly mortgage repayment. especially after the rate increases to Buy to Let.
    Second option: try and sell this is another option but its one where I am definately going to make a loss. so the thing would be I sell the house and then pay off the remaining debt to the bank over time.
    Now I am lucky in away as I did buy the property while the prices were on the way down, so although its in negative equity its still not as bad as many other people.
    In the UK I have a possible job lined up and free rent for a few months
    so its decision time as to what to do with the property.
    Hold on rent for a while wait a little longer for the prices to recover and try my damnest to keep up on the mortgage repayments. Or sell and cut my losses.

    Any advise please
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  • #2
    Donadea Leo
    Registered Users Posts: 198 ✭✭Donadea Leo


    irish_bhoy82 wrote: »
    Just looking for some advise please?
    I am the proud owner of a 3 bed semi detached house in Mayo. Im in the 5th year of my mortgae (35 year) but a circumstance has arisen that I need to move to the UK with my partner and child. Now I am planning on moving but need to decide on whether I rent out the property , which i believe even at the high end of the rental market I still wont be making enough money to pay off the monthly mortgage repayment. especially after the rate increases to Buy to Let.
    Second option: try and sell this is another option but its one where I am definately going to make a loss. so the thing would be I sell the house and then pay off the remaining debt to the bank over time.
    Now I am lucky in away as I did buy the property while the prices were on the way down, so although its in negative equity its still not as bad as many other people.
    In the UK I have a possible job lined up and free rent for a few months
    so its decision time as to what to do with the property.
    Hold on rent for a while wait a little longer for the prices to recover and try my damnest to keep up on the mortgage repayments. Or sell and cut my losses.

    Any advise please

    hi op,
    we ve gone down the rent out and rent ourselves route. The rent we get is a long way short of the mortgage but we re renting in a much cheaper area than our own house so it works out the same roughly per month. Give a look at rental prices in the part of uk where you re planning on going to see how it compares to your mortgage.
    in relation to buy to let, we were told by bank that its still considered our principle residence by them so we remained on same interest rate. You do have to inform revenue and we did lose our mortgage interest relief. So far so good in terms of how its working out. Good luck with what you decide.


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