Mortgage repayments

P

pint6

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Hello there,

At the moment my repayment to mortgage covers both principal and interest factors. Will I be allowed to alter it to interest only mortgage for 6 months, so that we can afurnish the property......


Regards,

Pint 6
 
Try to make your thread titles more relevant please.

You may have to commit to go interest only for a period of say, 2 years. I know this is the case with Ulster Bank.

But once the six months are up, you should be able to go back to more regular payments. Best to check with your particular lender.

You are aware that the capital payments not made for the six month period will be spread over the remainder of the mortgage, thus increasing the total interest payable?
 
Who is your mortgage with? I know IIB allow you to switch to interest only repayments for up to 3 years throughout the whole term of your mortgage. You would really want to check it with your lender.
 
My lender is EBS, spoke to them just now...and they mentioned that they dont offer any interest only mortgage, even for a shorter period of time.
I thought if I get on to interest only mortgage for a period of 6 months, I could save some money and buy some furnitures and get back to normal repayments after 6 months...
Any advise greatly appreciated
Pint6
 
pint6 said:
Any advise greatly appreciated
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Switch mortgage providers or start saving for your furniture, or take put a personal loan.

If EBS won't offer interest free-there's not much anyone here can do for you.
 
Pint, why did you take on this mortgage/buy this house when you can't afford the repayments and have no money for furniture?

Sarah

www.rea.ie
 
Thanks for your replies. Sarah, I never said that I am not having any money. I meant to ask if there is any offers/scheme or provisions which enables me to some house hold things. We have purchased most of the stuff, only thing pending is Bed and matresses.

Thanks

PInt 6
 
You are a homeowner now so maybe find an INTEREST FREE CREDIT 0% deals in a furniture shop . You have 6 months normally to pay it off.
 
And be aware that if you do not stick to the terms and conditions to the letter you will incur interest at rates that will make your eyes water, backdated, and for a period of 2-3 years.
 
CCOVICH said:
And be aware that if you do not stick to the terms and conditions to the letter you will incur interest at rates that will make your eyes water, backdated, and for a period of 2-3 years.
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Its usually 22.9% if you are even 1 day over the 6 months or whatever the 0% Interest Free Period is.

As a bed is about €350 for a good one I would advise you to save for it instead.
 
Here's a suggestion-if you can, get a credit card with an introductory interest rate of 0% on purchases, buy the bed, spread the cost over the interest free period, but make sure that you have the amount paid off in time.

Not really that different from what 2Pack suggested, but be aware that both are high risk strategies from the point of view of the potential interest hit if you get it wrong.
 
A CC costs €40 Government Tax and if she only wants it for 6 months to buy €1000k worth of beds then that €40 is 8% a year interest on an annualised basis :D
 
2Pack said:
A CC costs €40 Government Tax and if she only wants it for 6 months to buy €1000k worth of beds then that €40 is 8% a year interest on an annualised basis :D
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Well if they already have a CC they can switch and avoid any additional stamp duty.

And anyway, 8% isn't bad as personal lending rates go.
 
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