X
Xanadu
Guest
We're coming off interest-only on family home and investment property after three years. Plan was to have sold investment property last year but......it's still with us!
We cannot afford the full capital and interest repayments on both mortgages, (it means about €1000 extra per month, starting in September). We never really thought we'd arrive at this situation but here it is.
We wrote to KBC asking for an additional 12 months interest-only, to enable us to sell the investment property, and sent in the usual income and expenditure docs but have heard nothing yet. Called them yesterday but "it's still with our credit committee".
Here's my problem: the higher repayments are due on the 1st September. I'm worried that the new full payments will go through and maybe bounce or at least clean us out before KBC comes back to me and maybe we begin to negotiate something we can afford.
Should I cancel my DDs temporarily and just send in a cheque for the usual payments until I hear from them?
Would appreciate any advice from wiser heads. Thanks
We cannot afford the full capital and interest repayments on both mortgages, (it means about €1000 extra per month, starting in September). We never really thought we'd arrive at this situation but here it is.
We wrote to KBC asking for an additional 12 months interest-only, to enable us to sell the investment property, and sent in the usual income and expenditure docs but have heard nothing yet. Called them yesterday but "it's still with our credit committee".
Here's my problem: the higher repayments are due on the 1st September. I'm worried that the new full payments will go through and maybe bounce or at least clean us out before KBC comes back to me and maybe we begin to negotiate something we can afford.
Should I cancel my DDs temporarily and just send in a cheque for the usual payments until I hear from them?
Would appreciate any advice from wiser heads. Thanks
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