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Mortgage Fixed Rate to an Interest Only

hangover_ie_ie · 2009-01-23 11:09:48

Hiya i am in difficulties repaying my mortgage and loans and im in a 5 year fixed rate mortgage with Ulster. I was thinking to ring the bank and tell them im having financial problems, But would they penalise me for switching to an interest only with 4 years to go on my fixed. Or should i struggle through and make what…

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23-01-2009 12:09pm

#1

hangover_ie_ie

Closed Accounts Posts: 42 ✭

Join Date: September 2006

Posts: 20

Hiya i am in difficulties repaying my mortgage and loans and im in a 5 year fixed rate mortgage with Ulster. I was thinking to ring the bank and tell them im having financial problems, But would they penalise me for switching to an interest only with 4 years to go on my fixed. Or should i struggle through and make what payments i can i know all this time every payment missed is continually ruining my credit rating. Is coming clean to the bank and admitting you are in trouble as good as screwing up my credit rating anyway???

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#2 23-01-2009 12:58pm
Jaysoose

Closed Accounts Posts: 3,212 ✭✭✭

Join Date: June 2008

Posts: 3154

Talk to your bank immediately, your credit rating will not be affeacted and at least you will have a clearer picture of what you need to do and they will want to help as it is in their interests aswell.

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