A question about : Dilemma to sell a property in Ireland and pay off some of my mortgage here?
Can anyone advise please my brother and myself own a house in Southern Ireland which we inherited and have been earning rent from it over the last few years. It has lost about 70,000 euro's in value due to the dire property market there and the awful euro rate at the moment. the house was bought for 210,000 euros in 2006 and is worth now aprox 140,000 euros
I am happy to carry on renting and wait for the market to get better in years to come.My brother is thinking of selling up.
We both have mortgages over here and he thinks it might be better if we sell up and pay off a lump sum off our mortgages and saving interest costs, we both have repayment mortgages.
We would probably only get aprox Ј50k each if we did sell.
I know Martin has been saying on his program best to pay off mortgages rather than save any lump sums at the moment but I still think it's best to keep the house in Ireland and earn from the rent (it is in a great area and very rent-able), we are due to meet up for a good talk about the situation.
Views appreciated from anyone please?
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