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Keep paying or sell up??
Island77
Posts: 12 Forumite
Hi all, I've been a member for a while but only got round to posting now. Myself and my OH really want to be mortgage free.... BUT here lies the problem.
We bought a nice house in Ireland when house prices were on the way up, we needed a place to live, so were happy to buy. 6 months after we bought the house prices crashed, hindsight is a wonderful thing.
Then I got offered a job overseas, and given that my current job at the time was not the most secure - i took the job offer, rented the house out and myself, lovely wife and baby left for sunnier shores - this was 3 years ago.
We bought our property in 2007 for around the 250k mark, and the mortgage is currently about 175k mark (the house is currently rented out for about 500 a month as rents are very low in our local area). We currently overpay by 1100 pounds every month (total payment is approx 2400 pounds . The property is worth approx 165k.
We have no particular ties to the area where our house is - should we sell up and walk away with a massive 90k loss, or keep paying in the hope we may move back home (not likely in the immediate future) and hope the market picks up. Bearing in mind if we sell up and walk away we will not have to pay 2400 a month to the mortgage.
Any advice would be great...
We bought a nice house in Ireland when house prices were on the way up, we needed a place to live, so were happy to buy. 6 months after we bought the house prices crashed, hindsight is a wonderful thing.
Then I got offered a job overseas, and given that my current job at the time was not the most secure - i took the job offer, rented the house out and myself, lovely wife and baby left for sunnier shores - this was 3 years ago.
We bought our property in 2007 for around the 250k mark, and the mortgage is currently about 175k mark (the house is currently rented out for about 500 a month as rents are very low in our local area). We currently overpay by 1100 pounds every month (total payment is approx 2400 pounds . The property is worth approx 165k.
We have no particular ties to the area where our house is - should we sell up and walk away with a massive 90k loss, or keep paying in the hope we may move back home (not likely in the immediate future) and hope the market picks up. Bearing in mind if we sell up and walk away we will not have to pay 2400 a month to the mortgage.
Any advice would be great...
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