Yes you will lose your tracker,
Palerider - why do you say this?
The Code of Conduct on Mortgage was revised in 2010 to stop lenders removing trackers as a condition of restructuring.
While it was revised again about two years ago, and lenders can remove trackers in exceptional circumstances, I have yet to hear of a case of it happening?
The OP is not in arrears so I'm not sure that I see how the CCMA is relevant.
I was wondering if our mortgage which has 27 years remaining could be recalculated over 35 years to free up some cash?
Unless you have a realistic opportunity of increasing your earnings in the short/medium term you need to re-assess the sustainability of retaining a 300k HL. CCMA is designed to give you some short term relief in the event that your finances are under pressure and either have lead or may lead to you not being in a position to afford your mortgage. You have not stated your monthly mortgage payment but based on figures given this should be c€1,043 pm. reasonable living expenses for your family would be €1,860pm plus reasonable child-care costs (2nd car would normally be disallowed). I.e. mortgage would be classed as affordable on these figures. Extension to 35 years would not be considered given your ages.It strikes me that €350-400k would be pretty expensive for a house in the country and trading down to a more affordable home would have a much more dramatic impact on the OP's family finances than extending the existing mortgage term.
It has now got to a stage where I am completely obsessed and will agonise over buying even something small. Every decision comes back to one thing how much will it cost. I am so embarrassed by our situation. Its not healthy.
Bronte we do go walking etc with the kids which is great but our eldest is now asking to do other things which her friends are doing and its very hard to come up with excuses why we cant do it. kids dont understand and really what they are asking for is reasonable.
I know there are many families in the same situation and worse over the country. A family with two incomes should not be living like this and we need to change our situation. Thank you all for your advice.
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