Query re reducing mortgage payment

[Lauralashes]

Query for a friend.

She purchased a house in 2008 for 260,000 (92% mortgage - Ulster Bank) aged 23 with parents as guarantors aged 56 and 58.

Fast forward 4 years and house is 100k in negative equity. Mortgage was fixed at 4.odd % for first 2 years, she's now on variable mortgage paying approx €1900 per month.

Is there anything she can do to get these payments reduced. She already asked her Bank Manager about removing parents from the mortgage and going it alone over a longer term but he has advised that they will not do this as they will not approve a mortgage for her, does she have any other options she could ask for to try and reduce the monthly payments. She's in full term employment.

Thanks

 

[44brendan]

Her only option is to apply for reduced repayments under MARP. Tell her to contact the Bank and advise them that she has a problem in meeting current repayments and to send out the required documentation. This may be available for download on UB website.