Mortgage and repossesion

katy39

I'M ,55 the Bank Of Ireland says my Mortgage is unsustainable because I have been on Interest only for 3 years which is 300 euro a month. my full tracker mortgage is 1040 a month, I can appeal in writing but I would have to make a "substantial" offer of paying more. Would an offer of 500 a month
(300 interest + 200) keep me out of court, ie the court would rule in my favour, I suppose what I want to know is what their bottom line is ,
Thanks in advance

The_Conductor

They don't really have a bottom line- per se- they deal with each case individually. How likely are they to seek repossession? Depends on a lot of factors- not least whether there is equity in the property. If you have massive negative equity- they crystalise losses if they repossess- if you don't they get their pound of flesh.

You need to approach them with a genuine offer. Offering to repay 200 a month- what would this mean for the term of the mortgage? And with the restructing- would you get to keep your tracker?

Whatever way you look at this- it probably is an unsustainable mortgage- given numerous factors- notably your age- you're only 15 years away from 70- and present policy is to only schedule mortgages to the current retirement age (currently 68)- which is 13 years.

Something has to give. You need to do up a proper financial statement of affairs and approach them with a genuine offer- if you want to stay in the property. If they offer you a debt cancellation to vacate the property- that might in itself not be a bad thing- as you wouldn't have it hanging over you.

Personally- all things considered- I don't think an offer of 500 a month is going to cut it- considering your age. Sorry.

Tinkerbell4484

was reciently told our mortgage is unsustainable.our lender wasnt interested in monthly payments at all,they wanted half the arrears payment.only then would they discuss repayments. i didnt have money so im in the process of being reposessed

ronan45

katy39 wrote: »

I'M ,55 the Bank Of Ireland says my Mortgage is unsustainable because I have been on Interest only for 3 years which is 300 euro a month. my full tracker mortgage is 1040 a month, I can appeal in writing but I would have to make a "substantial" offer of paying more. Would an offer of 500 a month
(300 interest + 200) keep me out of court, ie the court would rule in my favour, I suppose what I want to know is what their bottom line is ,
Thanks in advance

Your tracker is 1040 a month and Interest only is 300 a month?? Are you sure those figures are right? Not an expert but that sounds a bit odd

D3PO

ronan45 wrote: »

Your tracker is 1040 a month and Interest only is 300 a month?? Are you sure those figures are right? Not an expert but that sounds a bit odd

No it doesn't. Sounds pretty much bang on depending on the situation.

ezra_pound

ronan45 wrote: »

Your tracker is 1040 a month and Interest only is 300 a month?? Are you sure those figures are right? Not an expert but that sounds a bit odd

It would make sense if they went interest only around year 18 of 25 year mortgage at 4%

gaius c

katy39 wrote: »

I'M ,55 the Bank Of Ireland says my Mortgage is unsustainable because I have been on Interest only for 3 years which is 300 euro a month. my full tracker mortgage is 1040 a month, I can appeal in writing but I would have to make a "substantial" offer of paying more. Would an offer of 500 a month
(300 interest + 200) keep me out of court, ie the court would rule in my favour, I suppose what I want to know is what their bottom line is ,
Thanks in advance

What are your incomings? Gross salary, etc?

JustAThought

I'm sorry to hear about your predicament .

Appeal it regardless - the courts won't take you seriously unless you do.
Tiu need to demonstrate to them and te banks that yiu are serious & committed to finding a solution .

Your circumstances have changed For the better. (how!?) - you can now add a further e2oo to the monthly figure - great.

Now . How many rooms ? How many people - is it just you ?
Can you rent out rooms? You will pribably have to to get in a quick cashfliw while you are jobhunting . Im assuming this is the issue). Even one would bring in ( depending on where you are) 350 - 400 pcm plus half your bills thus freeing up more funds to put towards the mortgage .

300+ 200 + 400 - a much more reasonable figure to negotiate from and one I guess the bank & ultimately the courts might well find in your favour.

Put all the figures down & send it by registered post - keep the receipt & a copy. From this they can negotiate & ask for higher or less. They also have to e reasonable. Whatever you do make sure you appeal - & get help both from MABS for the wording & from te mortgage lender to see what their policy is - if you can show you kept within its parameters & they didn't you will have a good chance if it goes to court .

Best of luck with it . It's just dreadful. We bailed out the banks - I don't see them working nights for free or afraid to take sick days or holiday leave for fear their jobs will be gone when they return. It's just terribly unfair .