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 ?
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.