Pay cut and Mortgage

P

pipedreamer

Registered User
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Not sure if this is the correct forum to post within so if not feel free to move me!!

Basically my salary has been cut by 20% this week and bonuses have been cut also so it makes a huge dent in my net income which makes it very difficult to pay my bills every month. I guess if it was just tightening the belt I could cope but it actually could prove very difficult to pay all my bills.

I am wondering if anyone has contacted KBC as a result of a similar situation and what was the outcome? They dont do moratoreums or holidays from your mortgage and I'm not sure what other avenues are available to me. I am 12 months into a 36 month fixed @ 5.45% mortgage.

Thanks
 
If you are in danger of missing payments contact mabs for advice. Contact them before you miss a repayment not after.

www.mabs.ie
 
I have decided to change my mortgage to interest only for 12 months but I need to send a letter to the bank about this - am clueless about what I need to include, can anyone advise?
 
most of these letters just need the facts, no story or background needed. I would include all your details at the top, then a simple line saying "regarding conversation on X April 2009 i wish to convert my mortgage to interest only for 12 months from this date (or next repayment date).
Then sign and thats it, they just need a written request for their file.
 
I was talking to my bank yesterday as I am on a Fixed 3 year term and I didn't know you have options.
The said I have 3 options even if I am on Fixed.
1. Extend the term of the mortgage
2. Go interest only for 12 months
3. Defer any payment for 6 months.

I would recommend you contact your own bank for more details on all these but they are helpful enough
 
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