Mortgage Deal (Advice Needed)

brendan86

Hi all,

Its a long story I have wont be able to explain all details but will get to the point..

I took out my mortgage with KBC in 2008 for 210,000 the first 2-3 years kept up repayments but the past 4-5 years have missed few payments and been making partial payments.. I am currently 36,000 in arrears.

Ive have stayed in contact with bank, They agreed a partial payment 8 months ago until i get all financial statements in and a deal in place.. I havent missed my payments in this time.

So my bank is ready to give me a split mortgage now. Currently owe 240,000 (36,000) being arrears. They are going to topup my loan so my arrears wont be arrears instead 240,000 mortgage.

It all sounds well and good but i dont think im happy with it. They are giving me split mortgage but every 3 years will be looking to take 5% of my parked money over and put repayments up 5%.

My problem is my mortgage is 240,000 for a house thats now worth 90,000-100,000 max.

I want to repay my loan but the money involved is ridiculous. I am 28 and will be paying back my mortgage until i am 75. I was trying to get them to write off arrears or maybe giving me a interest reduction along split mortgage but they will have none of it. Im thinking of walking away from all if they cant come up with a better deal. Surely asking for arrears to be wrote off isnt too much.

i also have a loan in local credit union and garda credit unions totalling 76,000 which i pay.. both have given me interest free loans now because im unable afford it and i havent missed a payment with either since got deal 2 years ago.

i have another apartment in england with same bank which is doing ok. It just lost a bit of value since got it..

Anyone have any dealings with kbc?

I currently only earn 360 a week basic home, my repayments with mortgage and credit unions etc i have to pay is 310.. It just seems a waiste.. i makr 70 a week rent in house in ireland also so gives me about 130 a week to live on ex. Bills

i just need a incentive from kbc to pay back this massive loan i got.. back when i got my mortgage i was making 800 a week.. circumstances have changed dramatically..

thankd in advance
brendan

Henry Ford III

I reckon you should consult a P.I.P.