Cloxatikkin
Registered User
- Messages
- 8
.......................Hi Clox
You have a mortgage of €67k on a house worth €200k
You have an interest rate of 1.65%
This means that the interest on this mortgage is only €100 per month. €67k@1.65% = €1,100
So, you absolutely must resist selling your home.
If you are paying €600 a month , then you are paying €6,000 in capital a year off your mortgage.
Tanager should be happy with this.
They inform me that as they are unregulated at this time, they are unable to offer us an extension to the deadline (September 2016).
That is absolute nonsense. As they are unregulated, they can actually do what they like. A regulated institution could claim that they are restricted, but an unregulated institution can't.
The best way to enjoy your golden years is to stay in your home. Absolutely refuse to pay any more. Tell them that you will pay off the mortgage in full, but that it will take you ten years. It is very unlikely that Tanager would do anything about it.
The only way you should consider doing a deal with them is if your family were able to lend you €30k in which case you could offer them €30k in full and final settlement of the mortgage. It's unlikely that they would accept this though.
Brendan
If we could raise finance privately, what sum do you think realistically they would accept?The only way you should consider doing a deal with them is if your family were able to lend you €30k in which case you could offer them €30k in full and final settlement of the mortgage. It's unlikely that they would accept this though.
Hmm maybe 45k to 50k BUT when you say privately be cautious not to get a personal loan from another institution to get a discount on your current debt. Let's say they accept 45k and you borrow that at 5% to 8% or maybe as much as 12% you would end up nearly paying the same amount as you now owe in interest. The only feasible way would be a loan from a family member at the same rate as you are currently paying.If we could raise finance privately, what sum do you think realistically they would accept?
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