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Negotiating move from Int Only - broker advised?

  • 10-12-2020 3:15pm
    #1
    its_me10
    Registered Users Posts: 29 ✭


    Hi All

    We have an investment property on Int only for the last 16 yrs. 9 yrs remaining. Bank has now written to us to say they are reviewing it and what are we proposing to do going forward?

    The options they have suggested
    1. request to stay on Int only (our preferred)
    2. part capital and interest (maybe possible)
    3. full capital and interest (not a runner)

    We've requested to stay on Int only, with a plan to sell a house next year (est. €300k) with €100k savings - evidence of savings supplied. the house rented with an income stream. Mortgage of €400k


    A call from the bank today - all nicey-nicey - but has me wondering if we should get a broker to do negotiations -- "call is recorded .... do you happen to have any more savings you haven't declared... would you be able to pay even a few hundred off the principal along with full interest... etc., etc."

    I am interested to hear if anyone here has been through this process? How did negotiations work ok. how long it took to get the agreement in place.
    Is a broker advised?

    thanks
    Me


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