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mortgage break?

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  • 10-08-2013 10:44am
    #1
    johnoo7
    Registered Users Posts: 2 ✭


    Hi there we have been paying or tracker mortgage for the past 6 years without missing any repayments.My partner developed a bad respiratory illness and has been absent from work since last November and our bills are now closing in on us and we will soon be unable to meet all our debt repayments.We were wondering if it is possible to take a break or go interest only on our mortgage until she gets the go ahead to return to work,which should be in the next couple of months all going well.Thank you any advice appreciated.


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    #2
    Outkast_IRE
    Registered Users Posts: 7,516 ✭✭✭Outkast_IRE


    Make sure you get it written down very clearly how much your repayments will increase when you return to paying the full amount.

    My parents had to do this because of illness too and the payments increased by about €200 a month when they returned to paying it.

    EDIT: I just wanted to add, what I meant by the previous statements is if you only expect a break of a few months, try and see could you borrow in credit union or similar to cover you for a few months.

    Do the math on servicing the credit union loan VS the increased mortgage payment every month and you may be surprised which makes more sense financially.

    They could also try and get you to leave your tracker which wouldn't be good either I suspect.


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    #3
    Bank of Ireland: Paula H
    Closed Accounts Posts: 64 ✭✭Bank of Ireland: Paula H


    Hi Johnoo7

    Sorry to hear you are having a difficult time at present. 

    We would advise you to contact the Mortgage Advisor at your branch to see what accommodation can be made for you both during this challenging time. 
    You can set up an appointment with them and discuss the different options open to you. Your branch contact details can be located here 

    Thanks for posting Johnoo7 and good luck. 

    Paula H


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    #4
    TechnoMad
    Registered Users Posts: 11 ✭TechnoMad


    Make sure you have everything in writing from them, an email trail is fine. I had to have three operations over a period of a year and I had an agreement with them that I would take three breaks of two months each, just after each operation. I received my first break, no problems, but when I rang them before my second operation to activate the second payment break they said I would have to apply all over again. Mortgage companies care nothing about their customers, only about getting their money back. They are very slippery, so, as I said: make sure you have a written trail of the agreed break and every conversation you have with them.


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