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Mortgage Holiday

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  • 10-05-2015 9:18pm
    #1
    craicfox
    Registered Users Posts: 35 ✭


    Hi all,

    I'm looking to back to full time study for a year and was hoping to get a mortgage holiday from BOI. Well, when I say hoping, the entire plane hinges on me getting a mortgage holiday!! Anyone any experience with this and even if they grant it will they try to take away my tracker?

    Cheers


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Would you be in a position to make 12 advance payments?


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    #3
    craicfox
    Registered Users Posts: 35 ✭craicfox


    Fraid not, if only!!
    I did switch about 6 years ago to paying every two weeks, so ive been making 13 payments per year for the last 6 years. Do these count as advance payments??


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    TBH I'd say you've got 2 chances of this getting the go ahead; slim and none. Some BOI mortgage packages from back in the day included an option to take a 3 month payment holiday, but not 12 months. There's no way they'll just allow you to stop paying it for a year, sure with the amount of interest that'll accrue in a year, plus the fact that the capital sum isn't being paid off, you could be looking at a jump in repayments of several hundred per month (depending on what your repayments currently are, and how much/how long is left on your mortgage).

    I looked for a moratorium last year because my husband had lost his job and I was on long term sick leave. We were literally living on my illness benefit of €188 per week, and even then they wouldn't let us take a payment break - the best they could do was interest only. If you were in financial difficulty then they may give you reduced repayments or interest only, but I really can't see them letting you do that if you're having no problem paying the mortgage now, and want to go back to college.


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