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

Capitalising on mortgage arrears

  • 15-03-2012 1:05am
    #1
    hiltonhater
    Registered Users Posts: 144 ✭✭


    I have some arrears on my property which seem to be going up rather than down despite my paying extra per month off the mortgage. I have discussed capitalising on the arrears with my mortgage company and it seems a pretty good idea to me but then I have not got the least clue when it comes to banking. Can anyone tell me are there downsides to this? The arrears would be substantial and the property will be solely mine in coming months so I am the only person discharging any payments. Any advice appreciated.


Comments

  • #2
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    hiltonhater wrote: »
    I have some arrears on my property which seem to be going up rather than down despite my paying extra per month off the mortgage. I have discussed capitalising on the arrears with my mortgage company and it seems a pretty good idea to me but then I have not got the least clue when it comes to banking. Can anyone tell me are there downsides to this? The arrears would be substantial and the property will be solely mine in coming months so I am the only person discharging any payments. Any advice appreciated.

    Hi, capitalising your arrears simply mean that the arrears amount is added to the loan amount (capital amount) and a new repayment is calculated. If you can manage the new monthly repayment it's a good idea.


  • #3
    hiltonhater
    Registered Users Posts: 144 ✭✭hiltonhater


    Thank you killers! It ws exactly what I was thinking but just wanted to make sure that it was not some kind of 'con' from the bank!!! I am already paying a bit extra each month and the quote on the new repayment will only set me back a further 30euro p/m on top of that so I am sure I can do it! :D


  • #4
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    hiltonhater wrote: »
    Thank you killers! It ws exactly what I was thinking but just wanted to make sure that it was not some kind of 'con' from the bank!!! I am already paying a bit extra each month and the quote on the new repayment will only set me back a further 30euro p/m on top of that so I am sure I can do it! :D

    No probs Hiltonhater, the best thing about capitalising your arrears is that you are no longer in arrears, so once you can meet the monthly repayments the bank won't be hounding you for a lodgement! Sounds like you've been through a rough time and I really hope things work out for you...


  • #5
    hiltonhater
    Registered Users Posts: 144 ✭✭hiltonhater


    Thanks again :) Yeah been through the mill but back on top finally so 2012 is going to be a very good year :)


Advertisement