I took out a loan from AIB in 2006 which covered the property and the cost of renovations, setup, equipment. The total loan was 680000. There is 500000 outstanding. The loan was negotiated at 1.2% above APR. Very favorable rate for me right now 
It was arranged at the time through the branch. I have asked if it would be possible to have a "holiday period" from the loan whilst I am on maternity leave,repayments are 3318 a month, but I have been told that this would mean the bank will want to renegotiate the terms. It is the bank staff that tell me this. Legally are they obliged to give me a holiday period if I request it? I feel as if we are being penalised for the good rate we negotiated at the time the loan was taken out which is hardly fair. Can the banks do this, or would it be worth me exploring the holiday break?
Would appreciate your opinion on this?
It was arranged at the time through the branch. I have asked if it would be possible to have a "holiday period" from the loan whilst I am on maternity leave,repayments are 3318 a month, but I have been told that this would mean the bank will want to renegotiate the terms. It is the bank staff that tell me this. Legally are they obliged to give me a holiday period if I request it? I feel as if we are being penalised for the good rate we negotiated at the time the loan was taken out which is hardly fair. Can the banks do this, or would it be worth me exploring the holiday break?
Would appreciate your opinion on this?