That is a good and fair outcome though. She can live in it as long as she is alive and the house is sold and proceeds are to pay off loan on her death. I suppose the burning question will be inflation and how long she lives for. It's kind of like a life loan with no interest from what I can see.PIA approved to age 90
No. She will pay interest only, no principal. Looks to be c.3.1%.It's kind of like a life loan with no interest from what I can see.
Now look at PIAs
It's outrageous that the Court could impose a PIA at a cheap mortgage rate for a long term.
Do you have link to report?Last year a 62 year old Meath builder got a 30 year interest only ( Tracker at 0.8% ! ) mortgage as part of a PIA so I'm not sure why this case is receiving so much attention.
Do you have link to report?
Because it should not be up to the PIA or the court to decide who is better off.
If the borrower is in deep default, the lender should have the choice of enforcing its security.
Brendan
In Ireland if you're in deep arrears you get charged about 4.25% and on an annuity basis
Actually it is doing you a favour.I'm looking forward the courts letting me live alone in my three bed house until I'm 90 if I end up not being able to afford it in the next few years.
Nice country we live in...
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