Norn Iron citizen, house in south

DJanto1

I now live and work in NI but used to work in the South and whilst there I bought a small apartment. My work took me back North so i put my apartment in south up for sale. As it has depreciated due to downturn I cannot sell it. I have put it up for rent but am struggling to rent it. I have purchased a house in the NI also where i now live. I am now considering giving my Dublin apartment back to the Irish bank as I simply cannot afford to pay for it without a tenent. I am therefore asking if the Irish bank can then come after me for my UK asset (ie: my current house). I can afford to pay for my current house in NI but cannot afford my Dublin apartment. What are my options? What problems will i face? Please Please help!

ballyblack

I'm afraid debt does not stop at borders, but have you got a mortgage on your UK asset/property?

leftieM

In theory they can pursue you for the shortfall through the UK courts. They may not bother - it depends on how much you owe them and how much it will cost to chase you.

DJanto1

Hi Ballyblack,

Yes I have a mortgage on my NI house... why? What difference does that make?

Money_Grabber13579

DJanto1 wrote: »

Hi Ballyblack,

Yes I have a mortgage on my NI house... why? What difference does that make?

In theory, the ROI bank can't take an asset which is security for another bank, i.e. your NI house. However, they would have other options, like insolvency. They might not think it would be worth this depending on the shortfall.

joylikes2shop

What an absolute nightmare for you...

Stupid question i'm sure, but have you contacted the irish bank for guidance ?

Believe it or not, they'd probably rather not have the hassle of reposession and to be left with your house etc.

They might have some alternative repayment option which could tide you over until you do sell or rent the property.

What part of Dublin is it in ? Would holiday letings be an option ?

Just found the following web site which might be of interest to you...
http://www.keepingyourhome.ie/


http://www.keepingyourhome.ie/mabs_advice_on_mortgage_arrears.html.en

Some examples of alternative repayment options include:
* To pay “interest only” for a period of time.
* For the length of your mortgage to be extended to reduce the cost of monthly repayments.
* For a payment moratorium (pause) to be put in place.

warmhands.coldheart

What about a student let? is it near any of the Uni's or Technical colleges?? Maybe try advertising in some of the local student rags or in the Uni's themselves..
Even if it didn't cover all costs. most or some would be better than nothing and not all students are gormless morons out with intent to wreck their flats..