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Recapitalising Missed Mortgage Payments

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  • 16-12-2013 12:39pm
    #1
    johnwest288
    Registered Users Posts: 665 ✭✭✭


    Is there anything to watch out for when re-capitalising your mortgage, basically the bank want me to recapitalise the arrears. That's all well and good but is there anything to watch for or any sneaky tricks they could pull. I asked them was the tracker affected and they have assured me absolutely not. They even told me I could do it over the phone which i thought was unusual! The only thing that has me a little concerned is their eagerness to recaptalise. When I heard I had a 14 day cooling off period if i changed my mind I got a bit worried also.
    Or maybe I am being paranoid and its simply to get my case closed??? Any thoughts? From my point of View im thinking its the best and most obvious route as I cant catch with up these arrears any other way.


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


    This is normally done when the lender is happy that you can repay the increased amount over the outstanding term. . You need to get the proposal in writing and confirm the amount of arrears to be added to your capital, the interest rate, the term and the increased monthly repayment.

    Lenders are under huge pressure to sort out the arrears problems.


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    #3
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I think it all depends on the amount of arrears and your equity.

    If your original mortgage was for 70k and you were down to 45k left and now you are adding 10k arrears and charges to the loan are you happy with owing 55k again?

    I take it you have no hope of repaying the arrears any other way.

    Also I presume you had no intention of moving as you now have a higher LTV.


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