Will a bank extend term of mortgage

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lucy09

Registered User
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Hi I am a BOI customer with a mortgage of €200,000 at 2.250% over 25 years. My monthly repayment is €810.00. We have 22 years left. As my husband is now unemployed I am finding it difficult to pay everything out of my wages. We have never missed a payment on our mortgage but am wondering would the bank be open to extending the term back up to 25 years and how would i calculate my new repayment. thanks in advance
 
Talk to them - before you do - what type of rate are you on? - my point being if you are on a tracker rate, you may potentially lose it if you want to change the terms...

Secondly are you sure your figures are correct - I'd calculate E200k over 25 years at 2.25% at a repayment of c. E872 per month, which is more than you are currently paying...

I hope everything works out for you both... and would be hopeful BOI would understand your circumstances and work with you during this time...
 
Thanks for the replies. Yes it is a tracker mortgage. Our repayments are 891.38 so after TRS they are 810.00.
No we do not have an mortgage protection. My husband is not entitled to any job seekers benefit as he was means tested. They look at my gross salary and do not take into account the mortgage or loans.
 
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