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Mortgage and Loan Balancing act

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  • 22-08-2011 7:34am
    #1
    born2bwild
    Closed Accounts Posts: 1,419 ✭✭✭


    I'm 3 years into a 1000 eu per month 35 year mortgage.
    I also have a car loan 350 pm with 2 years remaining.
    I am totally skint.
    What are the chances that my mortgage provider (EBS) will pay the remainder of the car loan for me (6,500), add it on to my mortgage and thereby give me some breathing room?
    The house is in serious negative equity.
    :(:(
    Any opinions?


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Not a hope is the answer. If you are already in negative equity then the bank are not going to increase that by giving you more money. Even if you were not in neg equity the days of debt consolidation like that are gone and it would be the worst possible advice, you would be paying for something (the car) for years after it was rusted and gone. Best chance is see if you can reschedule the car loan to reduce payments to more manageable level. At least there is only 2 yrs left. Switching to interest only on the mortgage for a few months probably would not help you as your mortgage is probably mainly interest at this stage anyway. Have you had a look at your budgeting and cut down as much as possible?


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