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Mortgage Break

bjc_dublin · 2009-09-27 14:19:30

Hey, I've a mortage on a one bed apartment, currently manageable on my reasonable salary. I am considering going back to college for a two year post grad. I have been looking at the option of interest only repayments but I'd like to know if this is my only option? I need to spend the bare minimum for two years without…

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27-09-2009 3:19pm

#1

bjc_dublin

Closed Accounts Posts: 8 ✭

Join Date: September 2009

Posts: 4

Hey,

I've a mortage on a one bed apartment, currently manageable on my reasonable salary. I am considering going back to college for a two year post grad. I have been looking at the option of interest only repayments but I'd like to know if this is my only option? I need to spend the bare minimum for two years without giving up on my apartment!

Yours

Will-be-broke!

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#2 27-09-2009 5:52pm
Davy

Registered Users Posts: 19,340 CMod ✭✭✭✭

Join Date: April 2007

Posts: 16953

Banking forum might be the way to go

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#3 27-09-2009 5:57pm
penexpers

Closed Accounts Posts: 4,038 ✭✭✭

Join Date: September 2004

Posts: 3835

You generally won't get interest only for more than 6 months and it has to be because you are in dire need. I doubt any bank would let you go interest only because you want to go back to college, but I might be wrong.

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#4 27-09-2009 6:56pm
dudara

Registered Users Posts: 33,518 ✭✭✭✭

Join Date: September 2003

Posts: 32068

Moved to Banking & Insurance & Pensions

dudara

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#5 28-09-2009 8:15am
chris85

Registered Users Posts: 4,502 ✭✭✭

Join Date: June 2006

Posts: 4193

They are apparently giving moratoriums (total breaks from any payment) but only for six months and only to people who are finding it difficult...

Even you got ineterest only payments it would only knock about 10% off your payments (presuming you only had the mortgage for few years now so sorry if thats wrong) so that may not be much help

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#6 28-09-2009 11:28am
unclebill98

Registered Users Posts: 3,816 ✭✭✭

Join Date: January 2007

Posts: 3632

Banks are only giving payment breaks and interest only options to those in a bad way. Not if you wanna go back to college.

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