Key Post Has anyone approached their lender to reschedule their mortgage?

efm

Registered User
Messages
936
1) Which lender?

Ulster bank


2) When did you approach them? Before losing your job or while in arrears?

Before losing my job just to see what my options were - in the end I didn't need to make any changes

3) What length remained on your mortgage?

25 years of a Tracker left

4) What was the Loan to value?

LTV around 60% maybe worse but wasn't an issue either way

5) Did you ask for a payment holiday? How long did they give you?

I asked for a payment holiday and was told there would be no problem getting a six months payment holiday - person I talked to was very helpful, understanding and sympathetic.
 

thespecialon

Registered User
Messages
210
Hi Efm,

I am also on a tracker with Ulster Bank and could be interested in taking a payment holiday also...Firstly after 6 months I persume you will still be on your tracker, they wont move you to a variable or anything sneaky like this?


How is the payment holiday paid for? Do you increase then length of your term? Or would they add up all payments + interest for the missed 6 months and add this to your existing amoutn, and re-calculate your payment based on this withing same term length?

I persume your would also lose 6 months worth of TRS if your are a FTB?

T
 

efm

Registered User
Messages
936
Firstly after 6 months I persume you will still be on your tracker, they wont move you to a variable or anything sneaky like this?

I too was worried about this in particular but UB confirmed that the terms and conditions of my Tracker allowed for a payment holiday.


How is the payment holiday paid for? Do you increase then length of your term? Or would they add up all payments + interest for the missed 6 months and add this to your existing amoutn, and re-calculate your payment based on this withing same term length?

As far as I can remember UB said they would just extend the term by the six months. They also said they were flexible and the payment holiday didn't have to be six months but anything from one to six months.

I persume your would also lose 6 months worth of TRS if your are a FTB?

I think TRS is an annual figure so you may not lose all of it though you may need to ask your lender to confirm.
 

thespecialon

Registered User
Messages
210
Thanks EFM,

one more point- i persume if they increase the term by 6 months, they would expect you to increase your life insurance term to match?

I must give them a ring myself to see anyhow,I am getting married in November so could be a handy way to free up some cash for me until after that..Just as long as it wont be too much hassle or expense.

T
 

Ballymagash

Registered User
Messages
31
1) Which lender?

EBS
2) When did you approach them? Before losing your job or while in arrears?
My brother-in-law has not lost his job but separated from his wife 3 months ago. He is struggling to pay his half of the mortgage and pay rent on an apartment for himself at the same time. I advised him to ring the bank to see the options - based on the idea that they always say not to go in to arrears and do nothing - approach them and try to work something out.

3) What length remained on your mortgage?

About 25 years

4) What was the Loan to value?
Mortgage of around 240k - house worth maybe 320k


5) Did you ask for a payment holiday? How long did they give you?
Didn't ask for a payment holiday as no point - a few months break isn't going to help but asked other options. Was flat out refused anything. The girl on the phone said she'd put a note on the system noting the separation but that was it. He already hasn't paid his half for Nov & Dec so they see that there are now arrears (and therefore there is a problem). They just didn't want to know.
 

Brendan Burgess

Founder
Messages
46,886
Hi Ballymagash

I would recommend that your B-I-L apply for whatever he wants in writing so that he will have a record of their refusal in writing.

They might agree to something now that he is in arrears.

What does he want them to do? With 25 years to go, he has few options.

Brendan
 

Brendan Burgess

Founder
Messages
46,886
I have been told that it is a feature of the AIB home loan agreement that a borrower who is not in arrears and who is not on an interest only mortgage can take a 3 months' payment holiday every two years. No questions asked.

I checked out my own home loan which has no mention of it. I am trying to find out more information. If anyone has an AIB loan agreement, could they check it out please.
 
D

Daniellem

Guest
I approached my lender EBS as I have now lost my job and not received anything from the dole as yet. Signed on on the 19th Jan! They basically told me they could do nothing for me as I was only paying interest only and my repayments were quite low. I said to them it didnt matter how much my repayments were as I have no income at all. Still nothing
 

dubinamerica

Registered User
Messages
477
I approached my lender EBS as I have now lost my job and not received anything from the dole as yet. Signed on on the 19th Jan! They basically told me they could do nothing for me as I was only paying interest only and my repayments were quite low. I said to them it didnt matter how much my repayments were as I have no income at all. Still nothing

Maybe you could try your community welfare office to see if they can give you some payments while you wait for the benefit to come through? Not sure if they may do this type of thing but someone else on the forum may have more info but I've heard they will help out in emergencies.
 

WHAT'SFREE?

Registered User
Messages
47
Hi Brendan,

I am 4 years into a 35 year mortgage with AIB. Current LTV about 80%.

Back in January I enquired by telephone if a pay break might be an option for me, should I find myself unemployed in the near future (as I suspected I might). I was instructed to write to AIB Mortgage Unit outlining my circumstances and they would consider giving me a moratorium. They said these were granted on a case by case basis.

I wrote to them as advised, and enquired if this was an option they would considering offering me and asking what the implications would be.

They then immediately put me on a 3 month moratorium. (I didn’t need it, or want it at that time – nor was I sure that I ever WOULD require one – I merely ENQUIRED if it would be an option SHOULD I find myself in difficulty in the future!).

I have found them impossible to deal with. In an effort to extricate myself from the un-required moratorium I was issued with wrong information, they miscalculated the number of repayments I had left, would not tell me how they arrived at the new repayment figure, would not meet with me - they just kept insisting I write to them (I won’t bore you with all the details, but I had at this stage written numerous letters and faxes and spent nearly 2 hours on the phone explaining to them the mistakes and miscalculations they had made).

Basically a NIGHTMARE!!!
 

Brendan Burgess

Founder
Messages
46,886
Hi What's Free

That is interesting in that AIB have told me that they do grant a three month moratorium pretty much automatically if people request it.

I think you should avail of the moratorium as you probably can put the money on deposit at a rate higher than the rate you are paying for your mortgage. Check out this post for a discussion on it.

Alternatively, you can just ignore it and make the payments manually. The problem with this is that you will be stuck with marginally higher repayments after that. But in the long term, it won't make any difference.

AIB's customer service has declined dramatically over the last while. If I want to ring my account manager on his direct line, I have to go through a ludicrously complicated series of options. So I know how you feel not being able to cancel your moratorium.
 

Brendan Burgess

Founder
Messages
46,886
Someone I know who bought a house at the wrong time and fixed at the wrong time and is now in negative equity rang the PTSB re their fixed rate. They said their partner lost their job and they were in danger of going into arrears and asked to switch to variable. PTSB said no problem and no penalty despite 2 years left on fixed rate.

Hi MichaelM

Did you see recently that permanenttsb were calculating the early repayment penalty incorrectly? I wonder was your friend one of these?
 

tml

Registered User
Messages
118
Will be going back to them in March to try and get the interest only period extended. If they refuse then to be honest my parents will cancel the direct debit and will send them monthly cheques for the interest only amount until the house can be sold and mortgage repaid.
Update on this - went back to EBS to request an extension to my parents interest only period - 6 months extension granted with no problems this time.
 

D8Lady

Registered User
Messages
428
1) Which lender?
EBS

2) When did you approach them? Before losing your job or while in arrears?
Before problem arose. Had just paid mortgage in full that month so was not in arrears. Branch manger said that it was easier to deal with cases before people get into difficulties and that I was doing the right thing.

3) What length remained on your mortgage?
15 years

4) What was the Loan to value?
LTV 30%, but wasn't really relevant.

5) Did you ask for a payment holiday? How long did they give you?
EBS don't do payment holidays. 6 months interest only was given.
Branch manager was very helpful but I had to write to underwriters to explain my situation.
Whole process took about 10 days to complete.
 

D8Lady

Registered User
Messages
428
A new update: I'm on interest only with EBS but still on a tracker. I just received notification that my interest rate has dropped and so have my payments.
 

vfillafan

Registered User
Messages
50
As I had been made redundant I asked for help and found te lender most helpfull;

1) Permanent TSB?
2) I approached them after I had lost my job but with no arrears?
3) 15 years remaining on the mortgage.
4) 140K Loan to 240K value?
5) Was offered a 3 month payment holiday and reduced payments afterwards if necessary.

Also advised me to comple a green form for the Social Welfare to get some of the interest paid. I am on a fixed rate mortgage taken out 3.5 years ago with 18 months left to run. They did not offer to transfer back to variable but in my case the benefit would be minimal as the rate was low when I took the fixed rate.

Fair balls to Permanent TSB for their supportive attitude.
 

shammy feen

Registered User
Messages
65
I was told by Ulster Bank that if I went interest only or took a 6 month moritorium then it would be noted on my ICB record and might be held against me in the future....doesnt seem right when you are not defaulting on payments and are agreeing something in advance with the bank...
 

NorfBank

Registered User
Messages
2,100
I was told by Ulster Bank that if I went interest only or took a 6 month moritorium then it would be noted on my ICB record and might be held against me in the future....doesnt seem right when you are not defaulting on payments and are agreeing something in advance with the bank...

I have never heard of this before, the ICB only records payments made and missed. As you said you are not defaulting on payments so such an arrangement should not be recorded on your ICB. Double check this with Ulster Bank. Let us know how you get on as I would be interested to hear the result.
 

aquaceri

Registered User
Messages
45
I am with EBS and I approached them for a 3 month payment break! there attidude was disgraceful!

basically they told me that they gave me the mortgage on the basis that i could afford it! even thought we werent in recession then! My hours have been cut back to 20per week, I am a single parent and mortgage is 1236 per month I am now almost in 2 months arrears, I can barely even feed my family at this stage!
 
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