What Banks Have Implemented The Deferred Interest Scheme?

[Alwyn]

Does anybody have any further knowledge on the above scheme?

Have I got this right: You pay 66% of the interest on the mortgage loan only or you pay 66% of the full loan?

Is it only the Irish banks that have implemented this scheme?

 

[RichInSpirit]

My credit union do this deferred interest thing. With the proviso that there is no further interest on deferred interest. It can shave a percent or two off the APR depending on your figures .
I'm not sure if it's the exact same as the scheme for the banks.

 

[Alwyn]

Thanks RichInSpirit.

I've just done some searching and apparatly neither BOS or Ulster are implementing this but AIB, PTSB and EBS are. I am unsure if BOI are facilitaing this.

It seems like us mortgage holders with the foreign banks always get the short end of the stick.

 

[chandu72]

The Central Bank has advised me that the following lenders have notified the Bank of their decision/intention to implement the recommendation of a Deferred Interest Scheme (DIS) or a variation of it, as set out in the final report of the Expert Group on Mortgage Arrears and Personal Debt with the following effective dates:
Mortgage LenderEffective DateAllied Irish BanksFinal quarter of 2011AIB Mortgage BankFinal quarter of 2011Bank of IrelandImplementedICS Building SocietyImplementedEBSImplementedHaven MortgagesImplementedIrish Nationwide Building SocietyThird quarter of 2011Permanent TSBWill be implemented from 11 July 2011Springboard MortgagesImplementedStart MortgagesFinal quarter of 2011

Thanks RichInSpirit.

I've just done some searching and apparatly neither BOS or Ulster are implementing this but AIB, PTSB and EBS are. I am unsure if BOI are facilitaing this.

It seems like us mortgage holders with the foreign banks always get the short end of the stick.

 

[RichInSpirit]

Deferred Interest

My credit union do a 50% interest 50% principal deal if need be.
It helps both the borrower and lender as the principal is getting reduced in cases where the principal mightn't be reduced, in cases of reduced repayments.

 

[ClubMan]

My credit union do a 50% interest 50% principal deal if need be.
It helps both the borrower and lender as the principal is getting reduced in cases where the principal mightn't be reduced, in cases of reduced repayments.

Did they let you offset your shares against your loan which would probably help to significantly reduce your borrowing costs too?

http://www.askaboutmoney.com/showthread.php?t=155464