I am with AIB and I was extremely disappointed with how they handled my query. Basically, as I got my mortgage through a broker originally they simply did not want to know as I was not attached to any one Branch.
Yes I have had to approach my lender as my contract finished and was unemployed.
Answers as follows:
1) Which lender? EBS
2) When did you approach them? Before losing your job or while in arrears? On being let go and knowing that I would fall into arrears.
3) What length remained on your mortgage? 23 years
4) What was the Loan to value? 70%
5) Did you ask for a payment holiday? How long did they give you? They put me on interest only for 6 months.
I have since taken a job for 24k and my mortgage would be 1k so have written to them again asking for continuation of interest only until I secure a job which I am qualified to do and would pay 25k more. They sent me out an Income and Expendidture form to fill in and to state what repayment I could manage.
I had 2 experiences with financial institutions earlier this year. In January 2009 I was told I was being made redundant. I have two mortgages on two seperate properties and received two very different responses:
First Active - rang them to advise I was losing my job and wanted to discuss my options. They advised that they would look at giving me a 6 month holiday from paying my mortgage to give me a chance to sort out my finances. After the 6 months the total of these 6 month's payments would be spread out for the next 12 months on top of the mortgage payment. This option was given on the strict understanding that I did not let me mortgage fall into arrears first which I felt was extremely fair.
KBC - now this was a particular gem. I rang them to advise that I was being made redundant and wanted to review my options and wait for it...............some potatoe head at the other end of the line reading from a pre-prepared script told me I could take out an insurance policy in case I was made redundant!!!!!!!!! After a 10 minute conversation trying to explain to him why I could in fact not buy this and him insisting I could I asked him to transfer me to the department in question for the craic. The tone of the lady in this department was incredulous that I thought I could buy this insurance. I explained to her that I knew quite well I couldnt but her colleague kept insisting I could. I then asked this lady what my options were and was told there were no options and I asked her what would I do if I couldnt make my payments and basically she couldnt care less - it was my problem not theirs! Lovely!!