Negative Equity and a new mortgage, please help

rudidog

Long term strategy is to keep dublin rented as it a very rentable property location wise. We are renting ourselves now which is unavoidable for family and work reasons. So now we have decided to just keep saving and hopefully we may have £100000 deposit in 2-3 years and we could try then. We would need a lot less and would be less of a risk LTV wise for any bank. We cant really pay down dublin as this will eat into our deposit and there will still be a heck of a lot of NE even if we put £100000 in to it. We are in a bad position but if we make ourselves more attractive deposit wise and pay off carloans our repayment capacity goes up as I see it. They may be a bit less risk avrse in 2-3 years, who knows.
Thanks for your comments

Trollfever

Not so long ago I took a taxi from the airport into the City. The taxi driver spent the whole journey telling me how everybody in Dublin was a property millionaire and that run of the mill 3 bed terraced properties were worth over a million euro.

A failed property investment - cut your losses.