PTSB mortgage statement - dull and depressing situation.

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random2011

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Came home to a lovely summary from PTSB summing up my dull and depressing situation.

I enclose your mortgage statement.........

Type: Residential SVR
Interest rate:5.19
Monthly Repayment 1286
Loan Amount: 299000
Remaining Months:359
Balance Remaining: 280,246
Credit:400

Oh yeah this months mortgage coming out yesterday or the next few days at least..oh well my overdraft will cover that I suppose.

Just a matter of time before I go over the overdraft limit and into arrears...

I've calculated that I have paid 62 months of our 35 year mortgage @ an average of 1320 per month

That works out at at 81k approx.

Meaning only 10k has come off my mortgage.

Approx 70k interest.

I live in a 3 bed semi 40 minutes from work and even longer from the family home. Hence I need to build my petrol station soon I think

The house is now worth 100k which has left me wondering how the hell could things have worked out like this.

On the bright side me and my wife both have decent jobs and secure jobs also.

But how much longer can we go on with the mortgage and CRECHE fees of 800 a month..it's becoming a joke to be honest

Not looking for sympathy but was wondering how many more out there share the same predicament.

My job can take me abroad if I wish so I'm considering DUbai for a tax free lifestyle but would continue to pay the mortgage.

Have no interest in handing the keys back as I took on this debt but would really like the ptsb to reduce its rates in line with AIB etc
 
Hi Random2011..not much use to you,but sincerely feel it must be very difficult for you and your family.
It shows the reality of how life is for many,and the type of bleak future you may have to face,if something isnt done..
If I were you I would go...
Like I said Im not of much use to you,except to say that there are so many who are in the same position as you that hopefully something will be sorted..Best of luck.
PS: there arent many petrol stations around any longer as a lot of them were knocked down to build apartments during the "boom"!
 
thedaras said:
Hi Random2011..not much use to you,but sincerely feel it must be very difficult for you and your family.
It shows the reality of how life is for many,and the type of bleak future you may have to face,if something isnt done..
If I were you I would go...
Like I said Im not of much use to you,except to say that there are so many who are in the same position as you that hopefully something will be sorted..Best of luck.
PS: there arent many petrol stations around any longer as a lot of them were knocked down to build apartments during the "boom"!
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Thanks... I won't be letting the bank dictate my happiness and my family's future. We have our health which they can't take
 
random2011 said:
Oh yeah this months mortgage coming out yesterday or the next few days at least..oh well my overdraft will cover that I suppose.

Just a matter of time before I go over the overdraft limit and into arrears...
Click to expand...


Is there any possibility you could pay more in your monthly repayments. The creche fees will not be forever. Do you want to do the money makeover thread to see if you can learn to budget a bit better as those overdraft costs would be better spent on paying down mortgage. With two of you earning it seems strange you need to be going into overdraft.

Could you give us a vague location (county) please as I'm surprised at the 65% drop in value for a 3 bed semi.
 
In the same position as you, along with thousands of others. We both have jobs and are not in arrears either so we have to keep going I suppose. Still it is not easy.
 
random2011 said:
I've calculated that I have paid 62 months of our 35 year mortgage @ an average of 1320 per month

That works out at at 81k approx.

Meaning only 10k has come off my mortgage.

Approx 70k interest.
Click to expand...
That's the way annuity/repayment mortgages work - for the first few years you are paying mostly interest and a little capital until eventually you reach a tipping point when capital repayments outstrip interest repayments. See this calculator:

http://www.drcalculator.com/mortgage/ie/

I live in a 3 bed semi 40 minutes from work and even longer from the family home.
Click to expand...
Why do you not live in the family home? What is your situation with regard to which property is your PPR and on which you can claim TRS etc.? Remember that you (as a married couple) can only have one.
 
ever thought about a live in nanny from abroad, would be about 400pm so you would have savings there. i know you would have to pay for food and heat for said nanny but it wouldnt add up to the creche fees.
just a thought.
 
You have a mortgage of 1260 a month which is pretty average for a couple I would say. Are you complaining about the fact that you are in negative equity ? Seems like your average troll about it's everyone else's fault to me unless you clarify what exactly yau are asking.
 
rameire said:
ever thought about a live in nanny from abroad, would be about 400pm so you would have savings there. i know you would have to pay for food and heat for said nanny but it wouldnt add up to the creche fees.
just a thought.
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How would that work? At minimum wage, 400pm would only give about 50 hours per month - or 10-12 hours a week. Are live-in employees exempt from minimum wage legislation?
 
im not sure what regulations are in use,
but maybe as you are covering the cost of bed and board, it has an effect.
 
I think the issue is that the OP isn't asking anything - the site is called ASKaboutmoney not RANTaboutmoney. For frequent posters, there's the letting off steam section where rants are allowed; or there's boards as an alternative. A good thing about AAM is that you don't have to search through pages of rants to find anything useful - it's all about questions/answers with some opinion sections. People asking specific questions generally get constructive answers - do you know what the OP is asking about?
 
orka said:
I think the issue is that the OP isn't asking anything - the site is called ASKaboutmoney not RANTaboutmoney. For frequent posters, there's the letting off steam section where rants are allowed; or there's boards as an alternative. A good thing about AAM is that you don't have to search through pages of rants to find anything useful - it's all about questions/answers with some opinion sections. People asking specific questions generally get constructive answers - do you know what the OP is asking about?
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Sorry haven't checked in for a few days. Lots of responses since I last checked.

It's not really a rant but I see a lot of people highlighting their issues so wanted to do the same.

I would like the banks to reduce the SVR though and people like Brendan Burgess are doing a lot to highlight the issue.

By not saying anything is not really contributing.
 
Reply to elacto


It's 1260 now. It was over 1400 when at 6.19. Friends bought houses in the same area and r paying just over 1000 a month..obviously not PTSB customers
 
rameire said:
ever thought about a live in nanny from abroad, would be about 400pm so you would have savings there. i know you would have to pay for food and heat for said nanny but it wouldnt add up to the creche fees.
just a thought.
Click to expand...

Not a bad idea I suppose
 
Bronte said:
Is there any possibility you could pay more in your monthly repayments. The creche fees will not be forever. Do you want to do the money makeover thread to see if you can learn to budget a bit better as those overdraft costs would be better spent on paying down mortgage. With two of you earning it seems strange you need to be going into overdraft.

Could you give us a vague location (county) please as I'm surprised at the 65% drop in value for a 3 bed semi.
Click to expand...

Agree about the crèche fees...unless we have more kids :)

Couldn't afford to pay extra for now but maybe when the crèche fees are no longer an issue.

Really appreciate all the comments and advice.

It just makes me sick at what we have to pay back in terms of interest.

Not looking for any sympathy or debt forgiveness but would love a little fairness.
 
random2011 said:
.

It just makes me sick at what we have to pay back in terms of interest.

Not looking for any sympathy or debt forgiveness but would love a little fairness.
Click to expand...

Well in fairness you do seem to be looking for sympathy. If it's any consolation everybody whoever got a mortgage found it tough going at the beginning.

You have two good jobs (decent and secure you mentioned), I'd be amazed that you couldn't make some savings and over pay the mortgage. It would be far more productive for you to go down that route than looking at the bank statement. And alarm bells should be ringing for you when you mention arrears and overdrafts.
 
Look, if you take out a 35 year mortgage, you're not going to knock much off the balance in the early years. That just goes with the territory of 35 year mortgages.
 
One other thing. You have a reasonably medium-sized mortgage and your repayments should be very manageable for a two-income "decent job" family.

The interest rate might be annoying, but the rest of your post is basically that you regret your decision on where to live and the length of your mortgage. You can start making a dent in that mortgage if you overpay, which in general should be possible if you are both in secure, decent jobs.

You should be counting your blessings as much as cursing your bad luck and choices.
 
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