interest only repayments

gaetan

Registered User
Messages
2
Hello.

Not sure if this is the right forum to pop the question.

We are on a tracker with PTSB and I was wondering if we could avail of the interest only repayment. We are not defaulting in our repayments so I don't know if this is viable.

Is it worth switching to an interest only repayment with the low rate or it doesn't make any changes over the long term ?

thanks for your advices.
Regards
Gaetan
 

Brendan Burgess

Founder
Messages
37,664
We are on a tracker with PTSB and I was wondering if we could avail of the interest only repayment. We are not defaulting in our repayments so I don't know if this is viable.

Is it worth switching to an interest only repayment with the low rate or it doesn't make any changes over the long term ?
You can't just switch to interest only because you feel like it.

If you are unable to make your full payments, then you can apply for a rescheduling. But if ptsb thinks you can meet them in full, they won't offer you a reschedule.

If you do get a reschedule, then your credit record will be marked and you will find it difficult to move house or get a loan elsewhere. So don't do it lightly.

One thing for you to check out is that some ptsb mortgage contracts allowed borrowers to take a three month payment holiday once or twice during the term of the mortgage. If you are under a bit of pressure, then you might avail of this. I don't think that this affects your credit record.

Brendan
 

gaetan

Registered User
Messages
2
Thank you for this advice.

My wife was curious too. We are in no difficulties and have met all our repayments in full. Our tracker is 1.1%

cheers
Gaetan
 
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