Hi Brendan,
I was offered a split Mortg by my bank yesterday. My Case is as follows:
. Separated Mother of one
. Husbands name still on the mortgage
equity loan attached to mortg of 60k
Mortgage o/s 165k
house in negative equity of around 60k
Im working partime and also recieving FIS supplement
BOI offered me the following :
increase term by 10 years
repayments to be 696 on mortgage and 63 on equity instead of 1300 and 250
balance or warehouse lump 77k
Initally I thought this was a great offer but after reading your forum Im beginning to think a PIA might be better? But I am worried about the living term and conditions attached to the PIA, and the implications. they also said the would make an arrangement with my personal debt, if i kept to the split for 5 years and missed no payments they would write off 60% of my loan.
Plus my ex has to agree to this aswell, as we cant take his name off due to the equity loan and negative equity, also he cant buy us out no money.
what would you advise i have to make my mind up by 9th Sept plus I havent contacted a PIP yet as there are none in Connacht.
many thanks
I was offered a split Mortg by my bank yesterday. My Case is as follows:
. Separated Mother of one
. Husbands name still on the mortgage
equity loan attached to mortg of 60k
Mortgage o/s 165k
house in negative equity of around 60k
Im working partime and also recieving FIS supplement
BOI offered me the following :
increase term by 10 years
repayments to be 696 on mortgage and 63 on equity instead of 1300 and 250
balance or warehouse lump 77k
Initally I thought this was a great offer but after reading your forum Im beginning to think a PIA might be better? But I am worried about the living term and conditions attached to the PIA, and the implications. they also said the would make an arrangement with my personal debt, if i kept to the split for 5 years and missed no payments they would write off 60% of my loan.
Plus my ex has to agree to this aswell, as we cant take his name off due to the equity loan and negative equity, also he cant buy us out no money.
what would you advise i have to make my mind up by 9th Sept plus I havent contacted a PIP yet as there are none in Connacht.
many thanks