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Break in paying mortgage - Mars Capital

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  • 07-12-2017 11:25pm
    #1
    ncmc
    Registered Users Posts: 4,852 ✭✭✭


    Hi there, we are currently 14 years into a 35 year mortgage with Mars Capital (formally IBRC, formally INBS) I am on maternity leave at the moment and taking the additional 16 weeks unpaid leave. With our current outgoings, it would leave things very tight. Things would be a lot easier if we could take a mortgage holiday for the 3/4 months. I rang Mars Capital and the advised me that I would need to fill out a standard financial statement and submit with payslips and bank statements. This seems to be the same procedure as for people who are having difficulty paying their mortgage. The lady I spoke to wasn't able to tell me how likely it would be that our request would be granted.

    So my I have a couple of questions. Has anyone ever had or heard of someone who has had a payment break from Mars Capital? I am wondering is it pure pie in the sky to even think it will be considered. .

    Secondly, are there any disadvantages in doing this if it were granted? Obviously our repayments would be slightly higher when the payment break is over, but are there any long term issues? We are not and have never been in any arrears or had difficulty paying, so I don't want to do anything that would effect our credit rating or future prospects.

    Thanks for any replies.


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