Hope i am posting this in the right place.
I have a investment property.I had to take out two mortgages on the property to fund it. Anyway i pay capital and interest on the small mortgage.On the large Mortgage i have interest only which is now up.
The bank (AIB) has sent me out the new repayment which has increased by 650 euro p/m.I wrote to them ,saying that the rent is low and cant afford the repayments can i stay interest only. Got a letter back saying no ,they gave me no reason.Has this happened to anybody and if so how did you get on.I dont know what the hell they what me to do as i cant meet the repayments.My guess is that i have a tracker and they will try to get me to change.
Thanks
I have a investment property.I had to take out two mortgages on the property to fund it. Anyway i pay capital and interest on the small mortgage.On the large Mortgage i have interest only which is now up.
The bank (AIB) has sent me out the new repayment which has increased by 650 euro p/m.I wrote to them ,saying that the rent is low and cant afford the repayments can i stay interest only. Got a letter back saying no ,they gave me no reason.Has this happened to anybody and if so how did you get on.I dont know what the hell they what me to do as i cant meet the repayments.My guess is that i have a tracker and they will try to get me to change.
Thanks