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Investment property sell or not?

  • 08-02-2012 11:40am
    #1
    leiro
    Closed Accounts Posts: 3 ✭


    Hi
    I have an investment property which is rented and in negative equity of €80k. My tenant is interested in buying it. My bank is open to it. What would you do? Sell and be left with a 10 year unsecured debt or continue renting? The rent is only covering half the mortgage repayments so I have to contribute €800 a month. The cost of the 10 year loan per month would be the same but at least I would be debt free in 10 years & could put that amount into my pension. Looking for advice, what would you do?
    Thanks


Comments

  • #2
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    Get some advice from solicitor/accountant, but then contact bank yourself. Will bank write off the balance? if you are unmarried and have no other assets, then they might very well be interested in a deal, as you might be considering emigrating and never coming back.

    In any case, if bank would write off the entire debt for the sale proceeds, then it would be worth doing.

    If you borrowed 'too much' then you should be mindful, that with the same facts to hand, bank lent 'too much'. It's like a pregnancy, it takes two to tango. Both must bear responsibility.


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    If you have a cheap tracker rate the bank may be more open to doing a deal with you to write off part/all of the outstanding capital..


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