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Mortgage Break/Moratorium

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  • 09-08-2010 4:46pm
    #1
    CluelessGirl
    Registered Users Posts: 181 ✭✭


    Hey there :)

    Has anyone applied for or have been granted a mortgage break in the past few months?

    What is the general procedure?

    Many thanks in advance. :)


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    #2
    gogo
    Registered Users Posts: 1,452 ✭✭✭gogo


    Just get in touch with your mortgage provider and apply, they are quiet sticky at the moment regarding the loan to value ratio, so if your negative equity or have other large outstanding loans it can be quiet tricky. They will ask you to fill out a financial review form, which will included all your incomings and outgoings and go from there. Not that much work involved, and if you hold your mortgage through a bank they will do the work for you.


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    #3
    Jaysoose
    Closed Accounts Posts: 3,212 ✭✭✭Jaysoose


    Get all your bank statements for the last 12 months, ring the bank and make an appointment. Be open and honest with the bank manager and be sincere when talking about the changes to your lifestyle that he will look for.

    DO NOT turn up at the bank in your 09 audi A4 and have the bank manager discover that you are paying for the car but ignoring other more essential bills and mortgage payments....urban myth i heard from a bank worker.

    Basically dont leave it any longer than you have to i reckon the sooner you take the correct steps the sooner you will be sorted.


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    #4
    CluelessGirl
    Registered Users Posts: 181 ✭✭CluelessGirl


    Many thanks for your posts.

    I am going to ring them today. :)


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    CluelessGirl wrote: »
    Many thanks for your posts.

    I am going to ring them today. :)

    some mortgage accounts allow moratoriums within them. For instance a bank i used to work for allowed a six month moratorium at any stage within the time of the mortgage for any reason. No reason needed to be given, you just could not be arrears to get it. You wrote into them and requested it and given as long as in arrears.

    This is not a commong feature so most likely will need to speak to the lender and see what you need to do .


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