groupthought
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I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
Do you revert to a tracker when the fixed rate ends?
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
You can always make that offer, but I don't see a reason for the bank to accept this. I would consider 85K a small mortgage, you didn't indicate you have any problems repaying this. Also I assume you have the 50 or 60K in savings further fostering the impression that you are not in financial difficulties, hence the bank doesn't have a lot of risk with your repayments. Definitely not a risk worth a 30% write-off.
Can't see any reason why the bank should do this.
Mortgage was originally about €178k. Thankfully I'm not in financial difficulty at this time. I just wondered if the bank would be interested in the money itself considering the mess they have made.
So the tax payer should bail out you? And I appreciate the tax payer has already bailed out the banks, but here we have someone that admits they are not in financial difficulty but yet doesn't want to honour a contract that they signed.
I would expect the banks will focus their energies on 'striking a deal' with people who are genuinely suffering right now.
Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
To be fair OP is not suggesting that he will renege on the contract but that the lender may be prepared to do a deal. Realistically the lender will politely decline & no harm is done.
So the tax payer should bail out you? And I appreciate the tax payer has already bailed out the banks, but here we have someone that admits they are not in financial difficulty but yet doesn't want to honour a contract that they signed.
I would expect the banks will focus their energies on 'striking a deal' with people who are genuinely suffering right now.
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
Do you revert to a tracker when the fixed rate ends?