Thanks for your reply, Justin.
My long-term plan is to sell it, but as it’s such as bad time to sell now (I have reduced it €75,000 and still have no interested buyers) I’m considering renting it for a few more years. The rent won’t cover the mortgage and therefore I wondered if it was worth looking into extending the mortgage to reduce it so the rent would cover it totally per month. I thought this could be a better option than selling it at a loss, however, your comments about an interest only mortgage sounds even more suitable (and possibly cheaper)!
I'll definitely look into it!
Just one question, did your bank change your mortgage to interest only for the rest of the mortgage term or just for a number of specified years?