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What effects your T&C's on your mortgage

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  • 23-05-2013 2:52pm
    #1
    weatherwatcher
    Registered Users Posts: 1 ✭


    If I apply to the bank to reduce the amount of my mortgage either to interest only or to an agreed amount with the bank, will it effect the terms and conditions of my mortgage. I have a tracker and do not wish to lose it. Any feedback welcome. Thanks


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Hi weatherwatcher,
    Renegotiating the terms of your mortgage should not affect your tracker rate. If you wish to change repayments to interest only or reduce your repayments the bank will require you to complete a Standard Financial Statement (SFS) which details all your income and expenditure and you will also have to supply supporting documentation such as payslips, bank statements etc.
    Trish


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    #3
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    The banks must make it clear to you when you are changing anything that will affect your tracker. If in doubt ask them.


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