interest only repayments

Discussion in 'Tracker mortgages - other than redress issues' started by gaetan, 22 Aug 2018.

  1. gaetan

    gaetan Registered User

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    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
     
  2. Brendan Burgess

    Brendan Burgess Founder

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    Last edited: 23 Aug 2018
    What does your intended fiancée think?

    Even in this world of texting, Facebook and Whatsapp, it's probably better to do it face to face.

    Brendan
     
    Last edited: 23 Aug 2018
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  3. rob oyle

    rob oyle Frequent Poster

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    [​IMG]
     
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  4. Brendan Burgess

    Brendan Burgess Founder

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    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
     
  5. Ravima

    Ravima Frequent Poster

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    2,385
    What tracker rate are you on?
     
  6. gaetan

    gaetan Registered User

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    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