Mortgage moratorium

aissor

Hi, Am currently employed and due to go on maternity leave. My husband is unemployed (receiving no benefits). I will not be paid during my leave and will receive only state benefit. This will not cover mortgage repayments. I approached the bank a couple of months ago and requested a moratorium. This was granted for our two other children. I was told prevously by a local bank employee that we would be entitled to 4 in the lifetime of the loan.
We have no debts but also no savings and have never had a problem making mortgage repayments when I am working.
To cut a long story the bank point blank refused a break but offered interest only. The interest amount would still be unmanageable so we appealed and offered to pay half the interest amount. I am waiting from a letter from 'collections' but have been told by my local branch that they are refusing to grant us a break, letting us go into arrears and accepting our offer as a 'contribution'. I will be back to work in six months and will be paying the normal mortgage amount immediately but in the meantime will be in arrears rather than a break.
Does this seem like our best option or is it best to avoid arrears at all costs ie trying to get a loan from somewhere?!!

cookie1977

This site may offer some advice but at least you are going about it the right way in approaching the bank first.

http://keepingyourhome.ie/

Also go have a chat with MABS as they may also be able to offer some advice on this and help you deal with the bank.

www.mabs.ie