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Mortgage repayment problem???

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  • 17-05-2009 3:03pm
    #1
    Lmnover
    Registered Users Posts: 148 ✭✭


    Hi

    I have just lost my job (like half the country!) and myself and my husband have been left with a mortgage that cant be paid with one wage.

    Just wondered has anybody out there had any luck with reducing their payments by making the mortgage temporarily interest only or extending the term? I am with Permanent TSB and have a tracker mortgage. I am concerned that my approaching the bank we put ourselves above the radar but would really like to know if we take the brave approach and pretend to hand them back the keys - would they offer us an option.

    Cant believe its come to this...any help much appreciated?

    Thanks
    L


Comments

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    #2
    Trampas
    Registered Users Posts: 7,650 ✭✭✭Trampas


    Talk to MABS and your lender straightaway.

    Dont bury your head in the sand


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    #3
    KillerShamrock
    Registered Users Posts: 1,393 ✭✭✭KillerShamrock


    Trampas wrote: »
    Talk to MABS and your lender straightaway.

    Dont bury your head in the sand

    +1

    Your bank will be a lot more helpful if you go to them and tell them the situation rather than them finding it out by you missing repayments and they will try and help.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    +1 to what's been said above. Your lender may agree to a moratorium on your mortgage, but definitely do not simply carry on and say nothing, the quicker you talk to them, the quicker you can work on a solution. Oh and just FYI, it's not as simple as just handing back the keys, so doing that or pretending to do that will not make any difference to the situation.


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    #5
    TaxiManMartin
    Closed Accounts Posts: 310 ✭✭TaxiManMartin


    I believe its possible to go interest only for a while, or get a payment holiday if you go to them and point out to them that this is the only way you can keep paying the mortgage.


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    #6
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Permanent TSB do offer a "repayment holiday" for up to three months - the repayments are added to the loan. Thereafter, they might offer you interest-only repayments. Both of these are at their discretion, but as has been said above, if you approach them NOW before you have a problem, they will be a lot more keen to talk to you than if they have to come looking for you.

    Handing back the keys is not a viable option - they will sell the house for the first offer they can get and if the mortgage balance plus expenses aren't cleared from the proceeds, they can continue to pursue you (through the courts if necessary) to pay the balance. Your credit rating would be damaged which would make it extremely difficult for you to get a mortgage, loan, credit card, overdraft etc., again.


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