# Mortgage Moratorium - P/TSB



## guido (3 Aug 2011)

Hi - Just looking for some general feedback on whether anybody has secured a "Mortgage Holiday" from P/TSB.  I have a meeting with them next week and have been asked for the usual..payslips, bank statements etc.,....Just wanted to see if people found the experience difficult...are they helpful and lastly, are they "allowing" mortgage holidays currently - Many Thanks for any help/feedback....


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## St. Bernard (3 Aug 2011)

Hi Guido

Yes PTSB are allowing mortgage holidays. I am currently on a 3 month holiday. I found them to be very slow in processing the request so be prepared to be 6 - 8 weeks waiting for approval.

Best approach i would say is to tell them you are taking a holiday weather they like it or not but you would prefer to have their blessing and do things by the book.


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## wbbs (3 Aug 2011)

It will depend on the reason for the holiday, redundancy, reduced hours, relationship breakup, illness, any of these reasons will probably get you interest only at least for a few months with a review then and if no improvement then possible payment break of another few months.

Any other reason you might not have much luck with.


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## guido (3 Aug 2011)

Thanks for your help, both....
wbbs - is that from experience?  Will they not entertain an attempt to get back on track approach?


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## colos (3 Aug 2011)

We went in on the basis of our fixed rate having ended and the new rate being unaffordable. We had a payment holiday of 3 months last summer and this time we applied for interest only minus, which is an underpayment on the interest amount for 6 months at the suggestion of the mortgage advisor. The pTSB morgage section appear to be working on the figure of 35% of take home pay for the mortgage payment, if you can demonstrate that you have already made significant steps to reduce expenditure. 
We received approval 9 days after applying.
Obviously this is only kicking the can down the road, as I am a public servant and pay rises are out of the question atm. Fortunatley I had 3 job interviews that week as well, which have resulted in job offers.


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## wbbs (3 Aug 2011)

Not experience of Ptsb in particular but more banks in general in the present climate.  If by getting back on track you mean clear other debt, this works best if the debt is with the same bank i.e. ptsb loans or cards.   Obviously if you want the break to pay back another banks debt then they are not as keen and would more than likely prefer you to pay them.   Not defending the banks here just telling it like it is out there.


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## ACA (4 Aug 2011)

Be careful that your mortgage protection value doesn't 'dip' below the sum of the outstanding mortgage; the one I have reduces by €x per month reducing the insurer risk every month. I've had 2 moratoriums and 6 months interest only and came close to owing more on my mortgage than the protection would pay-out in the event of a claim. It would have been a costly exercise to take out new mortgage protection as Mr ACA has had two major health problems since the inception of the policy which would affect any new policy.


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## guido (4 Aug 2011)

Many Thanks for your help, All....Will keep these points in mind! thanks again


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## frankor2 (4 Aug 2011)

I have a good few mortgages with PTSB and from my own dealings with them, you are better of dictating your own terms (ie you are taking x amount of months holidays etc). They are in a total mess at the moment and once you are not at the top of their list of arrears cases then you will be fine. 
Life is too short to worry about repaying banks!!


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## guido (14 Aug 2011)

Thanks again all...Met with P/TSB - still waiting confirmation but it is looking promising that I will get a 3 month "holiday"....They did say that it could affect applying for a mortgage with other lenders in the near future as "moratoriums" appear in the credit rating...They did say though that as it is agreed, P/TSB wouldn't see this as a problem but other lenders might? Would still proceed though - at the moment no intention of moving but if I was to switch mortgage it may come into the equation...anyone know how long this would appear on a credit report or more importantly how long after will it still be taken into consideration?  I did ask and P/TSB said "up to 5 years"? ...Thanks all for your help


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## hastalavista (14 Aug 2011)

update: MARP only applies to  sole or main property so may not apply here
"This Code came into effect on 1 January 2011 and relates to the mortgage payments on your sole or main property" from the consumer guide
This seems like having been a pre-arrears meeting with the bank and since 01/01/2011 they are obliged to deal with you via the MARP
cant post a url yet so search for marp on centralbank dot ie
I don't believe that if done via MARP that your credit rating will suffer

ps search for marp on permanenttsb.ie  its there as it has to be


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## guido (30 Aug 2011)

Thanks for that...Just received the "restructure agreement" from P/TSB and we need to sign for the 3 month moratorium to be granted....It does state in the fineprint:
I/We acknowledge that the taking of the Moratorium will appear on the records of the Irish Credit Bureau (or other credit reference agency or agencies that the Bank may use) and my/our ability to borrow in the future may be affected accordingly. 

To be honest I can't see us applying for another mortgage in the near future but would be concerned if I couldn't get a bank loan if the need arose...Has anybody any thoughts on this....If I/we agree - take the moratorium for 3 months and then start to pay mortage again, does anybody know how long it takes to reinstate a clean credit record (for want of a better term) and if agreed with P/TSB, would Banks in the current light issue a loan (if everything else was in order) - Thanks for any further input....


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## 95a (1 Sep 2011)

your record with ICB shows a running history of the last 24 payments on your mortgage.   if you haven't missed a payment or had a moratoroum etc in the past 2 years your ICB will look like 000000000000000000000000.  after your 3 month moratorium it will look like this MMM000000000000000000000. 

24 months later and the Ms will no longer be on your record.  if you pay off the loan early, the 24 month profile at the time you pay off is kept on your ICB record for 5 years and then removed altogether.


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## guido (2 Sep 2011)

Thanks for that....it makes it very clear 95a
A quick final follow on question...does the Credit Union and all banks use the ICB when apply for a loan?  So for instance if I take the moratorium and then apply for a loan with the CU or Bank (and everything else is in order re Overdrafts and Credit Card bills), would I be refused on account of taking the Moratorium...do you think? Or would it mainly apply to trying to get another mortgage?  Thanks again


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## 95a (3 Sep 2011)

Not all credit unions are members of ICB - there's a listing on ICB's website of credit unions that are members and ones that are "membership in progress".  

Even if you apply for a loan to a non-member, they are likely to see from your bank statements that you have a mortgage and could ask you for mortgage statements. 

no idea what weight is given to ICB record when applying for a loan -


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## guido (4 Sep 2011)

thanks for that 95a.....


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