mortgage holiday?

thomas1234

Registered User
Messages
27
hi everyone

i have a mortgage with AIB, 3 years into a 20 year term. we are managing repayments fine, though there's not a whole lot left over at the end of the month, less that 200euro i guess. the issue is that my wife is expecting around christmas, and it's twins. great news, but the costs will be pretty huge!

we were thinking about asking for a mortgage holiday of 3 months to get over the short term expense. another option would be interest only for 6 months. does this sound like something the bank might agree to?

i recall reading on another forum that they'll talk more to you if you are already in arrears, which i don't intend doing!

thanks

tom
 
Based on my experience (I volunteer an dhear this a lot) the banks won't engage with you until you are in arrears. be careful about this, as if you have a mortgage holiday written into your mortgage agreement you are breaking the terms of the contract by going into arrears and they don't have to give it to you. Check the terms and conditions of the mortgage.
 
thanks, i've asked our solicitor to look into that. i simply won't go into arrears deliberately.
 
I can't speak for AIB, but I recently got the okay to go six months interest free with Bank of Ireland, with minimal issues. I wasn't in arrears.
 
i am currently trying to organise a meeting with ulster bank re a pmt break - nyone any experiences with them and breaks??
 
I asked Ulster bank if i had a break i could take and they said they would check and send a letter to me, never got a letter, so don't let them get you off the phone, no point calling them now though even though you get through they cannot access mortgage details at the moment and don't expect to until next week
 
i don't think i have a break, mortgage orign with first active...i've spoken to a guy who is to get back to me, so going to call tomorrow and get his email address at least then i have my request in writing.... i understand systems are down, but i hav to have surgery in sept and simply won't be able to pay mortgage for a couple of months.... no prob after that...
 
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