What Happens When You Are Turned Down For A Split Mortgage?

[Ireland.1]

Out of interest what happens after you have been turned down for a split mortgage?

Does court proceedings commence quickly?

 

[daftpunk]

If you are turned down,then surely the status quo remains i.e if you are solvent and meeting repayments as they fall due, then surely there would be no court proceedings.
However if you are unable to meet repayments on the full mortgage, then you are insolvent and should get legal advice. The fact you applied for a split mortgage might not mean anything to the lender as they might not see a split as a viable option for you in the long term.

Again, get independent advice. Even go see a p.i.p if you think a Personal Insolvency case might be for you. There is the option of a 'Split' under a PIA and the p.i.p might be able to negotiate one for you, as opposed to the less favourable option of bankruptcy for the bank. The 'split' option in a PIA actually sees the warehoused amount written off in the 6/7 year lifetime, as opposed to maybe never having the warehoused amount written off in a regular 'split' negotiated between you and the bank.

 

[Brendan Burgess]

Does court proceedings commence quickly?

From the new CCMA

47.
d) ...legal proceedings may commence three months from the date the letter is issued or eight months from the date the arrears arose, whichever date is later,

This is how I read this

Example 1
1 Jan 2014 Arrears rise
30 November 2014 MArp finishes
28 February 2015 they can begin legal action - 14 months later

Example 2
1 Jan 2014 Arrears rise
30 March 2014 MARP finishes

30 June 2014 is 3 months later, but must wait until

30 August 2014 is the earliest date legal action can begin i.e. a minimum period of 8 months