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Break from mortgage

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  • 01-10-2012 2:06pm
    #1
    Richard tea
    Registered Users Posts: 3,597 ✭✭✭


    Hello all,

    Does anybody know if ICS still offer a break from mortgage payments. It used to be on their web site but I cant seem to find it now. Have banks in general stopped this option?

    Secondly, What would be the pros and cons of taking a break in mortgage payment for 3 months to clear a credit card?


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    I'm pretty sure all lenders will offer this, but are not necessarily advertising the fact. For any variation in the terms of a mortgage you will need to make a very strong case these days, including the completion of a Statement of Financial Standing, and be prepared to have this challenged. No bank is going to agree to any variation where it puts their own repayment at risk - if you can demonstrate that this improves the long term relationship between yourself and the lender, you may have a chance of them agreeing to this - for example if you ask for a 3 month holiday, and commit to clearing old arrears at a rate of x per month after the holiday, or commit to increase your monthly payment by x per month having cleared the other debt


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    They won't give a break so you can clear your credit card. Only if having trouble meeting payments or in financial difficulty. A decision by you go want to prioritise your CC for 3 months would not qualify you.


  • Options
    #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Only ICS can give the answer to this query.


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    #5
    Richard tea
    Registered Users Posts: 3,597 ✭✭✭Richard tea


    A break from mortgage payments was a line that ICS and other banks spun to get more people to sign up with them. Its a bit under handed now that Statement of Financial Standing and all that lark is now part of the process. Ringing the bank to inquire about the option will only bring the eye on you. Thanks for the info anyway. I was just weighing up my options.


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