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‘First home still a burden that we carry 10 years on’

Case Study

Published 04/05/2016

We bought a small two-bed house in Portrush back in 2006. It was perfect for us because we had just got engaged and wanted to get on the housing ladder as soon as possible because prices just kept increasing and we feared we’d miss out.

However, a few months after we moved in the house prices dropped like a stone and our house was eventually worth less than half of what we paid. We were happy to stay where we were, but knew at some stage we would have to move, so began saving a little (benefiting from the drop in interest rates) to either pay off a chunk of what we owed or use it as a deposit on a bigger house.

When we found out we were expecting our second child we knew we’d struggle with the space we had so began looking at our options.

We found another house and managed to scrape together enough to secure the mortgage. Ironically, it was the massive drop in house prices that benefited us here. We still own the first property which remains in negative equity.

We found a good tenant, however, and the rent helps to cover our mortgage here, although not in its entirety.

Our first house is still a burden on us, but hopefully we’ll be able to sell it in the next few years.

Although it has caused us quite a bit of stress, I know others who have found themselves in worse predicaments.

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