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Negative equity mortgage but wish to move because of job?

  • 06-01-2012 4:47pm
    #1
    da_hambo
    Registered Users, Registered Users 2 Posts: 274 ✭✭


    Hello boarders,

    Just looking to see if anyone has been in this horrible situation to see how best to get on with moving if its possible at all.

    Have a mortgage since 07.its 1200eur a month.i wish to transfer in my job to elsewhere in the country.an estate agent told me I could put the mortgage on interest only and rent the place out then im free to move with the rent covering the interest only payment.however this only lasts a year?

    I really feel im stuck where I am at the moment.and if I dont do something about it ill be stuck here for life! I bought the house as investment plus cheaper than renting at the time and not as an anchor!

    Had anyone here had any luck renting out their neg equity property and renting somewhere else as better job prospects less commute etc?if so how are the banks with this esp ebs?

    Thanks in advance


Comments

  • #2
    Zamboni
    Registered Users, Registered Users 2 Posts: 4,306 ✭✭✭Zamboni


    You should also conisder that your Mortgage Interest Relief could also be in jeopardy as the property will no longer be your PPR.


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