Advice needed please.
We have an interest only PPR mortgage of €520K with Pepper which was sold to them by the original lender in 2018. It is due to expire in 7 years with full capital repayment expected at that time.
The house is worth approx. €400K. No other assets.
It has been interest only since the start in 2006 on the basis that we had two businesses at that time with the potential to generate capital repayments over time. However, the last recession destroyed that potential.
I am self-employed with €50K gross income. My wife is now on disability and unable to work. We are both mid-50’s.
We have no other debts. We did but we successfully negotiated and settled them over a period of time.
The interest rate is now up to 5%, approx. €2,200 per month and it is causing us significant pain and reducing our capacity to live normal lives. Any further increases will put us in arrears.
What options might be available which would assist us in any way with the objective to remain in the home. What potential solutions would a PIA provide? How likely is a write down? Any practical advice or direction welcome.
We have an interest only PPR mortgage of €520K with Pepper which was sold to them by the original lender in 2018. It is due to expire in 7 years with full capital repayment expected at that time.
The house is worth approx. €400K. No other assets.
It has been interest only since the start in 2006 on the basis that we had two businesses at that time with the potential to generate capital repayments over time. However, the last recession destroyed that potential.
I am self-employed with €50K gross income. My wife is now on disability and unable to work. We are both mid-50’s.
We have no other debts. We did but we successfully negotiated and settled them over a period of time.
The interest rate is now up to 5%, approx. €2,200 per month and it is causing us significant pain and reducing our capacity to live normal lives. Any further increases will put us in arrears.
What options might be available which would assist us in any way with the objective to remain in the home. What potential solutions would a PIA provide? How likely is a write down? Any practical advice or direction welcome.