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Restructuring mortgage help please

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  • 24-08-2014 1:58am
    #1
    emeraldrose
    Registered Users Posts: 3 ✭


    Hi, really would appreciate help from someone who works in a bank or is in a similar position. I bought a buy to let property ten years ago. For the first ten years repayments were interest only. The rent helped to cover some of this. Soon the repayments will switch to interest and capital for 15 years. This means the monthly mortgage will increase dramatically and I don't feel I will be able to meet these repayments. The price of the property has fallen so I am unable to sell. So far all repayments are met. I would like to know if I could extend the remaining period from 15 to 30 years. I am in my thirties. I am extremely worried about this. Thanks


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


    Contact your lender and request to continue interest only plus a small amount off the principal. They will ask you to complete a Standard Financial Statement whereby you state all your income and outgoings. They will base their decision on this.


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    #3
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    I'd have thought that if you bought the property 10 years ago, presumably with some element of a deposit, that you would at least not be in negative equity at this point. What is the basis of your valuation?


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    #4
    emeraldrose
    Registered Users Posts: 3 ✭emeraldrose


    Unfortunately, am in a lot of negative equity. Property was 350,000 when bought. Mortgage for 280000. Is now worth around 200000.


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