Ideas re leaving house behind

tigs2010

Hi,

First time post so please dont mind my juvenility! My husband and I were unfortunate enough to purchase an apartment at extremely inflated price about two months before the market collapsed. We are now stuck with the apartment paying 1400 a month for the next 35 years. He was let go and I was cut down to part-time. Depressing to say the least! Anyway, we have recently been looking into emmigrating to Canada where we both have very good prospective jobs. My only problem now is the apartment! Should I leave it vacant and ask for a 6 - 12 month pay holiday while we decide what we are doing, should I rent it out for the time we are away or should we just post the keys in the letterbox so to speak. It kills me that I pay so much when I could easily get a four bedroomed house for the same amount now. Any ideas/advice would be most gratefully received

ocokev

tigs2010 wrote: »

Hi,

First time post so please dont mind my juvenility! My husband and I were unfortunate enough to purchase an apartment at extremely inflated price about two months before the market collapsed. We are now stuck with the apartment paying 1400 a month for the next 35 years. He was let go and I was cut down to part-time. Depressing to say the least! Anyway, we have recently been looking into emmigrating to Canada where we both have very good prospective jobs. My only problem now is the apartment! Should I leave it vacant and ask for a 6 - 12 month pay holiday while we decide what we are doing, should I rent it out for the time we are away or should we just post the keys in the letterbox so to speak. It kills me that I pay so much when I could easily get a four bedroomed house for the same amount now. Any ideas/advice would be most gratefully received

If you are willing to move to Canada then the best option for you is to rent it out.
You obvisiouly have it furnished to a certain degree so it is tennant ready.
Try going through a leasing company as they will look after any tennant problems when you are away.
Any time that the apartment is unoccupied means that it is costing you money, so have someone ready to move in ASAP.

Joey the lips

You could rent it out. But as your going abroad you will have to use a management company. After all your hardly likely to come back if they stop paying rent.

Alternativly if you have a trusting family member you can ask them to manage it for you.


The downside to what ever you choose is that not only have prices gone down but rents have gone down as well so you may have to put money into it.

Just as a matter of interest if you let it go will you be declared "bankrupt" so to speak and if so will that effect you abroad....? This part I dont know.

danbohan

tigs2010 wrote: »

Hi,

First time post so please dont mind my juvenility! My husband and I were unfortunate enough to purchase an apartment at extremely inflated price about two months before the market collapsed. We are now stuck with the apartment paying 1400 a month for the next 35 years. He was let go and I was cut down to part-time. Depressing to say the least! Anyway, we have recently been looking into emmigrating to Canada where we both have very good prospective jobs. My only problem now is the apartment! Should I leave it vacant and ask for a 6 - 12 month pay holiday while we decide what we are doing, should I rent it out for the time we are away or should we just post the keys in the letterbox so to speak. It kills me that I pay so much when I could easily get a four bedroomed house for the same amount now. Any ideas/advice would be most gratefully received

Its a problem many many people have right now and you wont be alone in thinking of the options you outlined
the keys in letterbox i am sure is tempting , but if you do you will still owe the bank the balance from what they can get on the sale of your apt and your mortgage , that might effect your credit rating in Canada in the future and here if you return . renting is option , but will it cover your mortgage and if not can you afford to pay difference and build a new life in Canada ?, many people i know are on payment holidays or interest only , its just keeping your head above water and their is a tsunami coming in the shape of much higher interest rates. i would suggest you talk to your bank together with a financial adviser / lawyer see what options they will consider .

D3PO

OP sorry to hear about your circumstances.

The bad news is surrendering the property doesnt absolve you of your debt Im afraid. If you were to do thsi the bank would sell and you would still owe the difference between what they get and what the mortgage is.

Now of course if your emigrating and have no intention of ever returning to Ireland thats fine, but if you ever think you will be returning here then thats not an option.

taking a payment break doesnt seem to make sense becasue your interest will be compunded whilst you do this so all that will happen is you will owe more.

Best option sounds like renting the place out and covering the delta between rental income and mortgage yourselves. You will have to do your own sums to see whats the best option for you though, but dont hesitate to contact MAB's and your bank aswell to work out something that works for all parties.

best of luck resolving this, best advise you can be given is to talk about resolving the issue. Dont bury your head in the sand and think it will fix itself

Treehouse72

The problem with renting it is that OP will almost certainly be subsidising the renter as they won't get €1400pm rent for the property. If they get €1000 pm then that is a shortfall of €5,000 pa, before one even considers management fees, mainteance costs, income tax etc. OP could end up subsidising it to the tune of over €6,000+ pa. Over 35 years that will really add up.

The notion that one can simply offload a property's negative equity woes onto a renter is an out-dated one. It doesn't work like that any more since rents and renters are now both well down on where they were.

OP, I am not qualified to advise, but just to say there is no option in Irish law to hand back the keys. If you do that, you will still be liable for the debt. I cannot say for how long, but I believe it is a considerable amount of time.

D3PO

Treehouse72 wrote: »

The problem with renting it is that OP will almost certainly be subsidising the renter as they won't get €1400pm rent for the property. If they get €1000 pm then that is a shortfall of €5,000 pa, before one even considers management fees, mainteance costs, income tax etc. OP could end up subsidising it to the tune of over €6,000+ pa. Over 35 years that will really add up.

The notion that one can simply offload a property's negative equity woes onto a renter is an out-dated one. It doesn't work like that any more since rents and renters are now both well down on where they were.

OP, I am not qualified to advise, but just to say there is no option in Irish law to hand back the keys. If you do that, you will still be liable for the debt. I cannot say for how long, but I believe it is a considerable amount of time.

i dont think anybody was suggesting that the burden could be offloaded to a renter

steerforth80

just offer the bank whatever the renter of your property is paying.. should tide them over for a few years.. explain your situation im sure there is 1000's in the same position. Havent heard of any banks chasing people if there is some payment made.

tigs2010

Thank you all for your advice. I actually work in a Solicitors office so I know that IF I do come back and let the property be foreclosed upon, I will still owe the difference to the bank and my credit rating will be affected for 7 years. Did not know it would still be affected if you live elswhere so thanks for that. Guess i have much more research than I thought, but thanks everyone xx

tigs2010

taking a payment break doesnt seem to make sense becasue your interest will be compunded whilst you do this so all that will happen is you will owe more.

Best option sounds like renting the place out and covering the delta between rental income and mortgage yourselves. You will have to do your own sums to see whats the best option for you though, but dont hesitate to contact MAB's and your bank aswell to work out something that works for all parties.

This is so helpful thank you. I think the idea of a payment break was indeed a head in sand option!

D3PO

tigs2010 wrote: »

taking a payment break doesnt seem to make sense becasue your interest will be compunded whilst you do this so all that will happen is you will owe more.

Best option sounds like renting the place out and covering the delta between rental income and mortgage yourselves. You will have to do your own sums to see whats the best option for you though, but dont hesitate to contact MAB's and your bank aswell to work out something that works for all parties.

This is so helpful thank you. I think the idea of a payment break was indeed a head in sand option!

Trust me the banks dont want to reposess anymore than you want to lose the house. They will be more amenible to suggestions from you than you think.

just start the ball rolling work out every scenario, clearly define your current budget incomings and outgoing and make a proposal to the bank. MABS should be able to help you with this

billybigunz

You made your bed now lie in it. Paying off your debts is the only legal and moral option.

tenchi-fan

tigs2010 wrote: »

Thank you all for your advice. I actually work in a Solicitors office so I know that IF I do come back and let the property be foreclosed upon, I will still owe the difference to the bank and my credit rating will be affected for 7 years. Did not know it would still be affected if you live elswhere so thanks for that. Guess i have much more research than I thought, but thanks everyone xx

Hi
One things you should consider is the affect of declaring bankruptcy if you work in law, accounting or finance. Future employers can consider you a risk.

Also as far as I know if you try to walk away form your debt the bank could sell your debt or pursue you through an agency which could cause you a lot of hassle. I'm not sure if banks can do this or if they would try to.

tenchi-fan

billybigunz wrote: »

You made your bed now lie in it. Paying off your debts is the only legal and moral option.

I'm going to disagree with you, billybigunz, because bankruptcy is also a legal option. As for morality, it would teach the banks not to give such big loans. €1400 is a lot of money to pay for an apartment.

billybigunz

tenchi-fan wrote: »

€1400 is a lot of money to pay for an apartment.

And did the bank force him to pay that?

danbohan

billybigunz wrote: »

You made your bed now lie in it. Paying off your debts is the only legal and moral option.

what has morality got to do with any financial dealings in this country ?, good for the poster shes not stuck in her bed and can build a new life for herself in a new country , maybe you should too, it might do wonders for your attitude!

billybigunz

danbohan wrote: »

what has morality got to do with any financial dealings in this country ?, good for the poster shes not stuck in her bed and can build a new life for herself in a new country , maybe you should too, it might do wonders for your attitude!

Me and my crazy law abiding attitude based on maturity and personal responsibility.

TJJP

billybigunz wrote: »

Me and my crazy law abiding attitude based on maturity and personal responsibility.

Yes, there's quite a 'delta' between the points of view on here alright.....

fontanalis

danbohan wrote: »

what has morality got to do with any financial dealings in this country ?, good for the poster shes not stuck in her bed and can build a new life for herself in a new country , maybe you should too, it might do wonders for your attitude!

You're spot on, as long as there are tax payers in Ireland to pay for others mistakes people should walk away from obligations they were forced at gun point to sign into.

Idbatterim

I was watching the frontline a few weeks ago, and the property crash and the banks were being discussed, one guy said he rented throughout the boom, that he could see how ridiculous the asking prices were and it was all built on nothing. Kenny then says you were "lucky" where exactly did luck come into making a sound educated decision, he then harped on that we had to be close to the bottom! I cant imagine what a unbelievably bad situation some people like the OP are in, what they dont even own, now ownes them! I mean atleast if a marriage or anything else break down you can get out of it, this situation really is awful. Look ofcourse ultimately the buyer bears responsibility. I hope to god these lessons wont be forgotten, but it looks like they will I just read that 78% of first time buyers plan to buy within the year! Spare us all! Read the DMCW article in the INDO today...

radioactiveman

billybigunz wrote: »

Me and my crazy law abiding attitude based on maturity and personal responsibility.

I agree 100% but it seems to be a different law that applies to bankers at the moment, it's hard not to see it in that context

2qk4u

billybigunz wrote: »

And did the bank force him to pay that?

There was no big deal in paying these mortgages when people had jobs. Its not their fault they cant pay.

tenchi-fan

billybigunz wrote: »

And did the bank force him to pay that?

No, but one of the reasons why a bank can charge interest on a loan is because there is a risk of them not getting paid back. The greater the risk, the greater the interest rate!

This isn't about being law-abiding. It's not an issue of morality. You are not "wronging" the bank by not paying them back.

Companies go under the whole time because they can't afford to pay their creditors and the exact same thing can happen to people.

The bankruptcy procedure needs to be strict enough that it doesn't reward reckless behaviour. From the op post you can see bankruptcy is the last option the op wants to consider.

Bankruptcy isn't nice. It has a social stigma and destroys your credit rating for at least 7 years. But it might be a worthwhile alternative to a few decades of poverty. The op thought a house would provide security so why should she be punished, when so many others beg the council for free housing!

danbohan

fontanalis wrote: »

You're spot on, as long as there are tax payers in Ireland to pay for others mistakes people should walk away from obligations they were forced at gun point to sign into.

as far as i know nobody was forced at gun point ,unless you consider slick pressure marketing by the banks as gunpoint , but people made mistakes , genuine uninformed tragic mistakes that will blight the rest of their lives , what exact purpose is served by them continuing to pay for the nightmare , you mentioned the taxpayer baling out the banks , they have not started to bale out the personal defaults that are building up and will become a flood , just because you or me are not in that postion does not mean we can sanctimoniously judge somebody if they decide to walk away

danbohan

billybigunz wrote: »

Me and my crazy law abiding attitude based on maturity and personal responsibility.

i take it your not sean fitzpatrick or michael fingleton so ? dude if you were in the position of the poster you would walk too , a lot of this moral / law abiding crap is just more irish hypocrisy , but of course thats what this country is built on .

Graces7

Was there not a similar thread last year?

am i bovvered

Treehouse72 wrote: »

The problem with renting it is that OP will almost certainly be subsidising the renter as they won't get €1400pm rent for the property. If they get €1000 pm then that is a shortfall of €5,000 pa, before one even considers management fees, mainteance costs, income tax etc. OP could end up subsidising it to the tune of over €6,000+ pa. Over 35 years that will really add up.

Hi OP I believe that renting is the best option for you. If you can both move to Canada and find quite decent jobs and we say an input of 7k per annum needed should be managable, although this figure is speculative but working on that amount for 35 years is €245k at that stage you own the property which would be an income for retirement.
I realise this is not ideal but at least it would keep your options open.

tigs2010

Wow, open a can here! Firstly Billybigun - I am a girl. Secondly, I have a family - two little girls. I had no choice other than to buy a house (apartment) to try give them a secure port of call. Perhaps you would approve more if I had not re-educated myself and just received a Council house for free while living off benefits? Danbohan, thank you - you are completely correct. Bankruptcy is the last thing I want because, unlike the big bankers in this country I do feel a moral obligation to at least try to repay my debts and because I am just "one of the little people" I dont just get mine handed to NAMA. I have to say Billy, your attitude is disgraceful. I can only assume that you were one of the lucky ones who were not affected by job losses that impact severely on your family life. Lucky you. I only hope Karma does not bite you on the way back around. I have, thanks to all of the positive posts, decided to rent and move away. Thank you all for all your help and advice.

RentDayBlues

I had no choice other than to buy a house (apartment) to try give them a secure port of call

Lets be realistic here, this was not a "no choice" decision - you wanted to own your own home rather than rent so you bought an apartment. No one forced your hand on this, you made the decision knowing what you were getting yourself into and now you've got caught out.

Yes - there are loads of people out there in the same situation who have huge mortgages on properties that will never be worth the cost and who have lost their jobs, but trying to justify your decision to buy a property by claiming you had no other choice is ridiculous.

I decided not to buy but to continue renting, while everyone I knew was talking about what a fool I was not to jump in the boat with them. Now that the boat is sinking, I'm sure quite a few of them would give anything to be in my situation. You gave into social pressure to purchase a property and you can't just now walk away from it. Yes, your situation is awful but life is hard!

Gurgle

tigs2010 wrote: »

My husband and I were unfortunate enough to purchase an apartment at extremely inflated price about two months before the market collapsed. We are now stuck with the apartment paying 1400 a month for the next 35 years. He was let go and I was cut down to part-time. Depressing to say the least! Anyway, we have recently been looking into emmigrating to Canada where we both have very good prospective jobs. My only problem now is the apartment! Should I leave it vacant and ask for a 6 - 12 month pay holiday while we decide what we are doing, should I rent it out for the time we are away or should we just post the keys in the letterbox so to speak.

You weren't 'unfortunate', you just didn't think long term when you bought. Now you have to.

Separate the issues: You own an apartment in Ireland, you have jobs to go to in Canada and you have a debt to service.

The worst thing you can do is 'post the keys in the letterbox', this can only result in the apartment being sold at current prices, leaving you with nothing but the outstanding debt.

So rent out the apartment and off you go.

Knock the rent off the repayments and how much will you be out of pocket per month to cover the rest? €500?

In the long term the overall trend is always inflation, but the capital on your loan will never rise - every payment made reduces your capital.

In 10 years, the rent will have risen - the monthly cost to you will be a lot less.

In 15-20 years the rent will easily be covering the repayments.

In 35 years you will be looking at retirement and you will own a city-centre apartment.

billybigunz

I'm a disgrace? You are the one that wants to stiff us all with a bill for a poxy apartment that you didn't have to smarts not to buy.

tigs2010

I said your attitude was not you, lets not make this personal. How exactly is it my fault that the banks and the government over inflated housing prices and then literally one year lafter my purchase allowed the market to crash? How is it my fault that, at the time, myself and my partner were happy to pay the mortgage bill as we both had full time permanent jobs but then the bank and government ran the economy into the ground and now we have actually been advised by a welfare officer that we would be better off on benefits? Maybe I'm just stupid, but I would rather try to earn a living rather than live off benefits. Do you have children? Do you have any other costs other than yourself? When you are stuck in a hole that is not of your making and completely out of your control, like myself and my partner are, then you can preach to me until then, you are too uneducated to hold this discussion.

billybigunz

tigs2010 wrote: »

I said your attitude was not you, lets not make this personal. How exactly is it my fault that the banks and the government over inflated housing prices and then literally one year lafter my purchase allowed the market to crash? How is it my fault that, at the time, myself and my partner were happy to pay the mortgage bill as we both had full time permanent jobs but then the bank and government ran the economy into the ground and now we have actually been advised by a welfare officer that we would be better off on benefits? Maybe I'm just stupid, but I would rather try to earn a living rather than live off benefits. Do you have children? Do you have any other costs other than yourself? When you are stuck in a hole that is not of your making and completely out of your control, like myself and my partner are, then you can preach to me until then, you are too uneducated to hold this discussion.

It is entirely your fault. Houses were overpriced by any metric yet you jumped in and helped support those prices. You caused this bubble and you are responsible for the subsequent crash.

You priced decent people out of owning a home. People who now have to fund your debt default and all the other unemployed.

tigs2010

I cant actually believe what am I reading. You are now saying that I am personally responsible for the market crash? That I am responsible for other not being able to buy houses? and, by some warped stretch of the imagination - the unemployed?!?!?! Seriously, you need to get a clue - your blaming the average person for all this damage? What about your goverment representatives, TDs, etc. who are STILL on overinflated, pension cushy, secure for life jobs while the rest of us scrimp and save to make it by, month by month????? For that matter, what about the bankers who were all recently on holiday laughing and bragging about how they got to keep their jobs and lump sums while the government got the main flak and NAMA bore the brunt of the DEFICIT?? Ha ha ha sorry you must be joking

tigs2010

Oh and FYI in case you forgot the read (or couldn't, just saying) the rest of the other posts - I am actually renting my apartment not going for bankruptcy as IT IS THE LAST THING I WOULD WANT TO DO. BTW, are you currently employed in the finance or government sector?

billybigunz

tigs2010 wrote: »

I cant actually believe what am I reading. You are now saying that I am personally responsible for the market crash? That I am responsible for other not being able to buy houses? and, by some warped stretch of the imagination - the unemployed?!?!?! Seriously, you need to get a clue - your blaming the average person for all this damage? What about your goverment representatives, TDs, etc. who are STILL on overinflated, pension cushy, secure for life jobs while the rest of us scrimp and save to make it by, month by month????? For that matter, what about the bankers who were all recently on holiday laughing and bragging about how they got to keep their jobs and lump sums while the government got the main flak and NAMA bore the brunt of the DEFICIT?? Ha ha ha sorry you must be joking

If you a bought an overpriced house and/or voted for FF in the last decade then you are responsible. The poor old innoncent little guy who just wanted to buy a home routine doesn't cut it.

D3PO

billybigunz wrote: »

You caused this bubble and you are responsible for the subsequent crash.

.

Seriously you really need to unload that large chip off your shoulder. Rather than having a go at the OP here why not try and address the opening post ?

There are hundreds of thousands of people in this country that are in negitive equity all to a certain degree share some responsibility, but that pales in comparrison to the responsibility that banks, the regulator and the government should bear here.

Its not like the OP bought the property and couldnt afford it, she lost her job, thankfully Ive not had to deal with that but many have. Of those people out of work the large majority were happily paying back what they owed each month without issue.

I agree people should have taken a more long term view and thought of what would happen if they got sick, if there circumstances changed , if they lost their job, but I but to unload on the OP with what can be described as little more than a personal attack is bang out of order.

tigs2010

I voted FG actually. I assume your reluctance to answer my question re employment is case and point?

tigs2010

D3PO, thank you. I can only assume that this guy is Brian Cowen in disguise!

billybigunz

D3PO wrote: »

Its not like the OP bought the property and couldnt afford it, she lost her job,

She could never afford this property in any reasonable sense. If she is paying 1400pm now then what would she be paying with 8% interest rates? Why didn't she think about that? Or job security?

tigs2010

I did actually think about all those things. I had fixed rate mortgage and what with my partner and I both earning over €2000 each a month - it was easily afford. With regard to job security, i have worked the same job for nearly 5 years - I work in the legal sector, which much like finance, generally is always needed. If the government and bank did not foresee this crash - how come you expect me to have done? Did you?

D3PO

billybigunz wrote: »

She could never afford this property in any reasonable sense. If she is paying 1400pm now then what would she be paying with 8% interest rates? Why didn't she think about that? Or job security?

1) You dont know what she was earning perhaps she could afford at 8% unlikely but how the hell do you know.

2) Why does the job of an underwriter exist ? why do people actually have to provide any kind of detial on savings salary certs etc when applying for a mortgage ? I mean if the banks arent going to correctly assess the applicant and the affordability of the mortgage whats the point ?

You put all the blame on the OP how about asking why the regulator never applied hard and fast lending criteria rules ?

why dont you ask why the regulator allowed 100% mortgages ? even the most simple of people could see that was stupid from day 1,

why dont you ask why the local councils zoned reams after reams of residential development land that wasnt needed ?

Why dont you ask why the government didnt make policy decisions to stop the bubble from inflating ?

Why dont you ask why banks were allowed to create loan books way out of kilter with normal practice ?

None of these were the OP's fault.

Zulu

billybigunz wrote: »

She could never afford this property in any reasonable sense. If she is paying 1400pm now then what would she be paying with 8% interest rates? Why didn't she think about that? Or job security?

Thats not the point of this thread. :rolleyes:

...neither is that massive chip on your shoulder, so I won't bother banging on about it. How about you do the same and discuss the post & not the poster?

gizmo555

tigs2010 wrote: »

How exactly is it my fault that the banks and the government over inflated housing prices and then literally one year lafter my purchase allowed the market to crash?

The point being made - rather rudely and gracelessly, I'll admit - is that it was ordinary people like yourselves who paid the over inflated prices which drove the market higher and higher. The banks and government certainly created the conditions which allowed this to happen, in terms of non-existent regulation and massive credit expansion. At the end of the day, though, there were plenty of commentators warning this could only end in a price crash by the time you entered the market, and no-one put a gun to your head and made you buy.

As to what to do now, I agree that just posting the keys back would be a bad idea, especially if you both have good job prospects in Canada, which would allow you make up the shortfall on the rent. Prices will eventually recover and in the meantime, inflation will gradually reduce the real value of your outstanding mortgage. One important thing to check though, is what the tax treatment in Canada of the rental income will be. In Ireland, you can offset mortgage interest and other expenses like management charges against rental income for tax purposes. You need to get good professional advice on what the tax situation will be if you're resident in Canada. Obviously, you need also to find a reliable letting agency to look after the property - you can't do it yourself from Canada.

gizmo555

D3PO wrote: »

why dont you ask why the regulator allowed 100% mortgages ? even the most simple of people could see that was stupid from day 1

Except, apparently, the thousands of stupid simple people who took out the 100% mortgages.

The government, regulators and banks certainly screwed up royally. But we all have to accept personal responsibility for the decisions we individually took. If it was so obvious 100% mortgages were a bad idea, why do those who took them out warrant any sympathy?

Zulu

So everyone who got a mortgage got a 100% one?

Gurgle

gizmo555 wrote: »

Except, apparently, the thousands of stupid simple people who took out the 100% mortgages.

Whats stupid about that?
Avoid the whole issue of saving for a deposit, get into your own place straight away.

Stupid is taking a 100% mortgage that you can't afford under the illusion that you can't lose - you'll sell on in 3 years and pocket the profits. i.e. ignorant speculation.

Stupid is a bank giving a loan secured against a property worth less than the loan.

tigs2010

I agree that I wasnt forced to buy. However, I was trying to provide a home for my children and carting them between rented accomodation is simply not fair. As it stood at the time, my partner and I honestly panicked thinking if we didnt buy then, we would never be able to get on the ladder. It was a juvenile and reckless decision that, with hindsight (isn't it a wonderful thing for all of us) shouldn't have been made.

And whilst I appreciate, accept and agree with your comments, I did not ask my original question to justify my decisions of years gone by - I merely wanted some advice as to what to do next. Thanks to some really helpful advice and links, I have already decided on my course of action - but for soem reason unknown to me, Billy has taken personal offence to an innoccuous question!

tigs2010

Ok so just to clarify FURTHER personal details it wasnt 100%, i could afford it and I had hoped to sell and buy a house when we were in a better position which I cant do now becuase it is worth exactly half what I paid.

D3PO

gizmo555 wrote: »

Except, apparently, the thousands of stupid simple people who took out the 100% mortgages.

The government, regulators and banks certainly screwed up royally. But we all have to accept personal responsibility for the decisions we individually took. If it was so obvious 100% mortgages were a bad idea, why do those who took them out warrant any sympathy?

Dont mistake me pointing out issues outside of the buyers perspetive as sympathy accross the board

I have sympathy for the OP becasue there to me its clear that a combination of circumstances conspired to her prediciment. You could argue that if either herself or her husband were still in full time employment they could continue to afford the mortgage (albeit at a struggle)

The OP was spending 35% of her and her husbands combined net income on the mortgage. Now whilst thats still higher than you would like to see its not in any way irresponsible.

Theres a far cry from that to the irresponsibility of single persons spending a higher proportiion of their income on a 100% mortgage, when if they had any concept of reality would know its a bad idea. If you cant save your financially irresponsible in my book.

billybigunz

tigs2010 wrote: »

I agree that I wasnt forced to buy. However, I was trying to provide a home for my children and carting them between rented accomodation is simply not fair.



soem reason unknown to me, Billy has taken personal offence to an innoccuous question!

Why would you cart them between rented accomodation? Is there some law where you can only stay a year in a rental house?


I took offence because you were first post clearly mentions sending the keys back and emigrating. I'm fairly sure that is what you will do in a few years.