Mortagage Payment Window

bhamsteve

Hello,
When I took out my mortgage with Bank of Ireland in December 2009 it was advertised that mortgage holders could take a 6 month payment break, 4 times during the length of the mortgage. How would I avail of this, and what are the conditions.
Thanks
Steve

Bank of Ireland: Linda

Hi Steve,

A moratorium can be taken for a maximum term of 3 months at any one time, 4 times during the length of your mortgage. There must be at least 12 months payments made to the account before another moratorium will be considered. Payments will increase after a moratorium. It is authorised on a case by case basis. If you are not in arrears or your account is not showing signs of financial difficulty a product amendment form would have to be filled out though your branch. If you are in arrears a SFS (Standard Financial Statement) would need to be completed.

I hope this helps.
Thanks
Linda

bhamsteve

Thanks for that. I'll let you know the situation I am in and maybe you could give me a bit of advice.
We've had a BOI mortgage since Dec 2009, no arrears or late payments to date. Neither me or my partner have been able to find full time work for the last 12 months or so but just about able to keep up with the mortgage. I've been offered a place at uni to study for 4 years but this will involve moving away from the house and renting elsewhere.

The house would be hard to sell at the moment and probably be 10-30k in negative equity.
The options I can see are-

• Take the 3 months payment breaks two or three times during the 4 years and try to keep up with mortgage.
• Try to negotiate paying interest only for 3 years.
• Try to sell the house and buy one in the town I will be studying in, for the same or lower price. ( this would rely on BOI giving us a new mortgage)

Any advice you could give me, or point me towards? I'd rather not discuss it with my branch until I have a better idea of the options available to us.
Thanks

Bank of Ireland: Linda

Hi Steve,

As per our charter, unfortunately we cannot give advice about a product or service or discuss specific financial needs. Please contact the Customer Relationship Unit on 01-6113333, they can go through the procedure and options with you.

Thanks
Linda

bhamsteve

Bank of Ireland: Linda wrote: »

Hi Steve,

As per our charter, unfortunately we cannot give advice about a product or service or discuss specific financial needs. Please contact the Customer Relationship Unit on 01-6113333, they can go through the procedure and options with you.

Thanks
Linda

Thanks Linda, I'll give them a call and see how I get on.
Steve

bhamsteve

bhamsteve wrote: »

Thanks Linda, I'll give them a call and see how I get on.
Steve

I tried that number, spoke to a lady who straight away made an appointment for me to fill out standard financial statement at the local branch. I've just read the form online and I have no interest in having a financial review done by them.

What is the name of the form I have to fill out to apply for a 3 month payment break?

Bank of Ireland: Tara

Hi bhamsteve,

The Standard Financial Statement is the form that you need to complete to apply for a 3 month payment break, or to make any alterations to your mortgage account. This document will allow us to access your account and determine the best possible outcome for you.

Hope this helps.

Tara