Movingforward
New Member
- Messages
- 5
Hi all,
My wife and I have made some questionable financial decisions in the past and are committed to changing going forward.
Long story short during the financial crisis in 2010 we fell behind on our mortgage with PTSB, engaged at all times paid interest but obv arrears accrued. Fast forward to when we are both working- the payments & arrears were unmanageable and we entered a PIA. In this time we were sold to Start mortgages.PIA successful, didnt have a write down but mortgage term extended and at 3% variable. All manageable until interest rates starting going up. Currently at 5.69%. Start will not fix the rate.
For the past few months we have tried desperately to get away from Start. My wife has secured a promotion and this has led to approval for a mortgage from BOI. So so grateful.
My query is this, they want to consolidate a credit union loan into the mortgage and my head tells me it doesnt make sense to pay a loan that is finished in 8 years over 25 years..? Should we agree to get away from Start and fix our rate ?Would be greatful for any advice thanks
My wife and I have made some questionable financial decisions in the past and are committed to changing going forward.
Long story short during the financial crisis in 2010 we fell behind on our mortgage with PTSB, engaged at all times paid interest but obv arrears accrued. Fast forward to when we are both working- the payments & arrears were unmanageable and we entered a PIA. In this time we were sold to Start mortgages.PIA successful, didnt have a write down but mortgage term extended and at 3% variable. All manageable until interest rates starting going up. Currently at 5.69%. Start will not fix the rate.
For the past few months we have tried desperately to get away from Start. My wife has secured a promotion and this has led to approval for a mortgage from BOI. So so grateful.
My query is this, they want to consolidate a credit union loan into the mortgage and my head tells me it doesnt make sense to pay a loan that is finished in 8 years over 25 years..? Should we agree to get away from Start and fix our rate ?Would be greatful for any advice thanks