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Mortgage Troubles Please Help!!

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  • 13-04-2015 9:28pm
    #1
    jimmyjumpup
    Registered Users Posts: 7 ✭


    Hi,

    I got a mortgage and built a house 8 years ago and started renting it out. Thinking this was a great idea, I got another mortgage and started building another house. Then the crash happened and I lost my job before I could finish the second house.

    As I have my first house rented, that has always covered the mortgage on it.

    But since I couldn't finish the second house and rent it out, I fell behind on my mortgage on that 3 years ago.

    The bank are threatening to take the partly built house off of me.

    If they take it off me is there any way they can take my first house that my mortgage is up to date on?

    Thanks
    Tagged:


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    #2
    NIMAN
    Registered Users Posts: 33,469 ✭✭✭✭NIMAN


    Some questions:

    Are the 2 mortgages with the same bank?
    Are you working again?

    I would say the bank wouldn't really want a partially built house to be honest.

    As in all these types of cases, you should chat to MABS or the Citizens Advice.


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    #3
    jimmyjumpup
    Registered Users Posts: 7 ✭jimmyjumpup


    Niman,

    Initially they were with different banks but they have ended up both being with Ulster Bank. Ulster Bank took over the mortgage from the other bank when they went bust a few years back. Can they make me sell my 1st house with the good mortgage or will they take the unfinished house, sell it and write off the rest.

    I moved to UK recently but living here is quiet expensive. It's 10 times better than being unemployed but I wouldn't be able to start paying that mortgage.


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    #4
    NIMAN
    Registered Users Posts: 33,469 ✭✭✭✭NIMAN


    To be honest I wouldn't know the legalities of it all, you'd be better speaking to a financial advisor or MABS.

    It wouldn't look good for you later if you just stop paying the mortgage, probably best to make contact with bank and offer to pay something, no matter how small, at least that way you can say you tried.


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