Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Advice, Please?

Options
  • 03-02-2011 6:42pm
    #1
    Jess11
    Registered Users Posts: 76 ✭✭


    We built a house in our garden, which we moved into and we put our original house up for sale. We got a large mortgage(variable) to cover our existing mortgage and to pay for build. 3/4 of the mortgage was on our original house and 1/4 on our new house. Our mortgage payments were interest only for the 1st two years. We hoped to have built and sold our original house within two years. Then we were going to pay off most of our mortgage. That's why we got a variable rate , as we were told there would be no penalty if we paid off our mortgage quickly. When we sell we should be able to pay off at least 3/4 of our total mortgage.Our original house is not an investment property. We have never rented it. It has been for sale since we moved out about 9 months ago.

    My problem is that the two years are up in March and we haven't sold our original house. We can only afford to make interest only payments. Do you think the bank will allow us to extend the interest only payment period? How should we approach the bank and put our case to them? I'm worried sick about this.


Comments

  • Options
    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Tell them the truth and see what they say. Why haven't you sold the original house btw?


Advertisement