Investment Property Mortgage with KBC: Paying €700/mth instead of the full €800/mth.

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senni

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I am experiencing scary calls from KBC about an investment property mortgage I have with them.

It is 3 months down but I have been paying €700 per month instead of the full €800 per month as it is rented out at €550 per month and I am funding the difference of 150 myself.

It is a huge struggle but they are threatening repossession even though I am paying the majority of it.

I am worried sick.

my question is....do they get really tough and what can I expect down the road ?
 
Re: Investment Property Mortgage with KBC

I would imagine and from stories that I have heard, once you are doing your best and paying them what you can the banks can do very little other than threaten.
You seem to be doing your best considering the circumstances and I'm sure KBC have bigger worries than your shortfall of €100 per month.
Although KBC seem to be another bank who could be on their way out of Ireland!!
 
Re: Investment Property Mortgage with KBC: Paying €700/mth instead of the full €800/m

you need to contact them immediately and explain your situation. The worst thing you can do is to disregard the calls/letters and keep paying less than the amount due. Do they know why you are paying less?
 
Re: Investment Property Mortgage with KBC

Do you know I thought the same. This bank is pulling out of ireland ( my thoughts ). From what i have read, about changing registration names etc and from what i have experienced from a friend who has a few investments with them, they are on the move.
 
Re: Investment Property Mortgage with KBC: Paying €700/mth instead of the full €800/m

i ring them monthly..all channels are open. I always talk to them. but they are scary !
 
Re: Investment Property Mortgage with KBC

Commercial said:
I would imagine and from stories that I have heard, once you are doing your best and paying them what you can the banks can do very little other than threaten.
Click to expand...

This might be the case for the holy sanctimony of the PPR, but it is not the case for the canny IP.
 
Re: Investment Property Mortgage with KBC: Paying €700/mth instead of the full €800/m

Communication is key in this situation, talk to the bank and explain your financial circumstances, but don't let them bully you into something you cannot afford, Can you go interest only for a period of time while your income recovers? Can mortgage be stretched out over a longer term?
 
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