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2 properties and I have a problem!

  • 07-01-2010 11:34PM
    #1
    Kiero27
    Closed Accounts Posts: 2 ✭


    I have 2 mortgages, 1 on a house (18500 interest only, current saleable value 200000, 1 on an apartment(205000 paying back annuity, current saleable value 165000). House was rented now empty. Im struggling with both. I want to move into the house from the apartment. What issues will I have with the bank as the house now becomes my main residence rather than an investment property. I would like to rent out the apartment and as it was my main residence for more than 2 years I think Im okay from a Revenue point of view. Any genuine advice and thoughts would be welcome.
    Tagged:


Comments

  • #2
    Zaph
    Registered Users, Subscribers, Registered Users 2 Posts: 47,410 ✭✭✭✭Zaph


    Moved from Forums forum


  • #3
    Senna
    Registered Users, Registered Users 2 Posts: 8,800 ✭✭✭Senna


    Kiero27 wrote: »
    18500 interest only,

    I'm guessing your missing a 0 there.
    If it were me and i could sell the house for more than the outstanding mortgage, i'd do it in a heart beat.
    One is in NE and the other will be soon, you do not want to be in a situation of having both for years to come, without being able to sell either. Cut your loses, sell the house and either rent the apartment and find yourself a suitable house to rent, or continue living in the apartment and get the mortgage down as quick as you can.


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