I am seeking some advice or giudance if at all possible
Outstanding Mortgage €253,706
Property Value €330,000
LTV 75% (if I am calculating this correctly)
Remnaining Term €20 years
Interest Rate (variable) 4.6%
Monthly Repayments €1,571
BOI Mortgage (moved from KBC) Jointly held with hopefully soon to be ex spouse.
I am no longer living in the family home and have been paying €800.00 monthly towards mortgage since September but paid in full & on time to the exclusion of ex prior to this.
Ex Spouse (not yet divorced or judically separated as ex not engaging) pays in the region of €760.00 monthly, often late but usually within the month but there are current arrears of around that amount due to them missing a payment.
I cannot afford to pay in full and fund my own accommodation costs, I cannot live in the family home
If ex continues to default I will suffer negatively with CCR report
House wiill most likley be sold under terms of divorce but as ex not engaging this may take a billion years.
So to my questions:
How do I protect myself from negitave financial implications in the future?
Is there any way to lower the mortgage repayment amount so that I could potentially cover the full cost of mortgage & my own accommodation?
I did speak with MABS who essentiually said there is nothing I can do if EX not engaging but I am hopeful someone here may have been through similar and can offer advice/guidance or some steer on how to deal with this. I'm just trying to safeguard my own future financial stability. Ban are no help, simply telling me we are jointly and severally liable (which is understood)
Thanks in advance
Outstanding Mortgage €253,706
Property Value €330,000
LTV 75% (if I am calculating this correctly)
Remnaining Term €20 years
Interest Rate (variable) 4.6%
Monthly Repayments €1,571
BOI Mortgage (moved from KBC) Jointly held with hopefully soon to be ex spouse.
I am no longer living in the family home and have been paying €800.00 monthly towards mortgage since September but paid in full & on time to the exclusion of ex prior to this.
Ex Spouse (not yet divorced or judically separated as ex not engaging) pays in the region of €760.00 monthly, often late but usually within the month but there are current arrears of around that amount due to them missing a payment.
I cannot afford to pay in full and fund my own accommodation costs, I cannot live in the family home
If ex continues to default I will suffer negatively with CCR report
House wiill most likley be sold under terms of divorce but as ex not engaging this may take a billion years.
So to my questions:
How do I protect myself from negitave financial implications in the future?
Is there any way to lower the mortgage repayment amount so that I could potentially cover the full cost of mortgage & my own accommodation?
I did speak with MABS who essentiually said there is nothing I can do if EX not engaging but I am hopeful someone here may have been through similar and can offer advice/guidance or some steer on how to deal with this. I'm just trying to safeguard my own future financial stability. Ban are no help, simply telling me we are jointly and severally liable (which is understood)
Thanks in advance