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freeze or go interest only for a year options?

  • 16-12-2017 12:02am
    #1
    positivenote
    Registered Users Posts: 2,334 ✭✭✭


    HI all,
    quick background for our situation is as follows:
    Borrowed €352,000 from PTSB in 2006 as a 30 year mortgage to buy house. Switched to tracker in 2010 after two years on a fixed. Currently still on a tracker approx 1200 p/month with 18 years left on mortgage come April 2018. Never missed a payment. house is worth approx 300k now but not sure what we owe on it, probably approx 200k maybe less.
    My wife is considering taking the option of careers benefit as her mam is living with us since February, as she is house bound with Dialysis and cancer which is non curable and only treatable. My wife has reached the point of exhaustion after being her mams carer, working full time (7 -2pm 4 days a week) and being a full time mother since February.
    My question is that if she takes the career benefit option for the next 104 weeks would the option of 'freezing' our mortgage for that time be an option for us? or even go interest only? I would still have my own income with the money I would usually put towards the mortgage being saved in a savings account.
    If either of these were an option would this effect our tracker mortgage because if this was the case we would probably reconsider...
    If anyone has any advice with regard to this it would be very much appreciated.
    Thanks


Comments

  • #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    I don't get why you would put the money you normally pay into the mortgage into a savings account. What you are proposing possibly makes sense for someone with cash flow problems but if you have the cash to put into a savings account why not put it against the mortgage


  • #3
    positivenote
    Registered Users Posts: 2,334 ✭✭✭positivenote


    Heres Johnny wrote: »
    I don't get why you would put the money you normally pay into the mortgage into a savings account. What you are proposing possibly makes sense for someone with cash flow problems but if you have the cash to put into a savings account why not put it against the mortgage
    The cash we would have coming in would not cover mortgage, bills insurance and all the other things that go into running a house...
    is there an option if freezing or going interest only for the period of time my wife will be on carers benefit without affecting our tracker status?


  • #4
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Banks are normally open to discussing arrangements with people, in their eyes it's better than someone just defaulting. Give them a buzz anyway see what they come up with for you. There are places like MABS and new beginnings that might give you advice and represent you if you don't feel like you could negotiate with a bank.


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