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Hi, I would appreciate some views on the following:
We are currently on an 'economic concession' arrangement with our lender whereby we pay a very small interest rate on our mortgage for the next few years. We also have arrears on our account of €9k. All is going well and we can keep up the current repayments. For the first time we are also paying off some of the capital under this arrangement.
We received a call from our lender today with what they describe as a 'great offer' to capitalise our arrears. This they explain will allow us to pay off some of the arrears while on a significantly reduced interest rate for the next few years. In addition we will improve our credit rating. We will remain on the current repayment terms until the expiry of this economic concession arrangement.
Is this something we should consider?
We are currently on an 'economic concession' arrangement with our lender whereby we pay a very small interest rate on our mortgage for the next few years. We also have arrears on our account of €9k. All is going well and we can keep up the current repayments. For the first time we are also paying off some of the capital under this arrangement.
We received a call from our lender today with what they describe as a 'great offer' to capitalise our arrears. This they explain will allow us to pay off some of the arrears while on a significantly reduced interest rate for the next few years. In addition we will improve our credit rating. We will remain on the current repayment terms until the expiry of this economic concession arrangement.
Is this something we should consider?
